On April 20, American toy company Mattel announced an update to its virtual collectibles platform, which will go live on April 27. The peer-to-peer platform, called Mattel Creations Virtual Collectibles, will coincide with the Hot Wheels NFT Garage series. 5, featuring some of Hot Wheels’ most popular car designs.
Mattel Creations Virtual Collectibles Platform Will Launch Peer-to-Peer Marketplace Feature
Toy maker Mattel, Inc. (Nasdaq: CARPET) continues to grow in the non-fungible token (NFT) space with the latest update to its Mattel Creations Virtual Collectibles platform. Addition is a peer-to-peer (P2P) marketplace powered by the NFT company Rare. Mattel collaborated with Wallet-as-a-Service provider Magic and its blockchain partner To flow. The launch of the P2P marketplace will coincide with the launch of Hot Wheels NFT Garage Series 5, a collection of digital collectibles designed by the same team that created Hot Wheels die-cast cars.
Series 5 includes 40 different cars, and the digital collectibles will be sold in packs for $25 each. If a collector obtains a premium digital collectible or “Scavenger Hunt”, which includes the Porsche 911 GT3 RS, ’55 Chevy Panel, Aston Martin Vulcan, McLaren F1 and Pagani Huayra Roadster, they will be eligible to receive a physical die-cast replica of the same car. The famous toymaker, founded in 1945 and headquartered in El Segundo, Calif., is one of a slew of toy companies trying to break into the NFT industry.
Companies such as Funko, Disney, Walmart, Hasbro, Toys R Us and others have released NFT products over the past three years. In October last year, Mattel launched an official collection of Masters of the Universe digital toys to celebrate the franchise’s 40th anniversary. Mattel has also collaborated with the Veefriends NFT project and released a limited edition UNO game featuring Veefriends NFT characters. Ron Friedman, vice president of Mattel Future Lab, explained that the new P2P marketplace feature expands the toy company’s virtual collectibles platform.
“When we began launching our own virtual collectibles platform, we did so with the intention of creating an unparalleled, top-notch experience for fans of Mattel’s iconic brands,” Friedman said in a statement. statement Thursday. “By adding a marketplace feature to our easy-to-navigate platform that allows users to sell and trade their virtual collectibles, we’ve taken a step closer to realizing this vision.” When the Marketplace feature launches on April 27, Mattel NFT owners will be able to “view, trade, and sell their assets” peer-to-peer.
What do you think of Mattel’s latest foray into the NFT realm with the launch of its peer-to-peer marketplace for virtual collectibles? Share your thoughts on this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Mattel, Hot Wheels,
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