- Mattel Creations will be launched this week on the Flow blockchain.
- Fans will be able to buy Barbie and Hot Wheels NFTs.
- Consumers can pay for their purchases with debit/credit cards.
Mattel is launching a new NFT marketplace as it translates its iconic IP into digital art to expand its digital collectibles business. The new platform, called Mattel Creations, will be launched on the Flow blockchain this week.
On Mattel’s new NFT marketplace, fans will be able to buy digital collectibles tied to Mattel’s classic Barbie and Hot Wheels IP. The first collection on the marketplace will be the latest set in Hot Wheels NFT Garage Series.
The company’s previous Hot Wheels NFTs, priced at $25 per pack, and include a voucher for a physical die-cast model, have all sold out. Previous releases of the series on the WAX blockchain have been trading for thousands of dollars according to WAX Market Cap.
“Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics,” Ron Friedman, vice president of the Mattel Future Lab. “This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities to exclusive die-cast cars that they love.”
The launch of Mattel Creations comes as the NFT market is facing a slump and the wider cryptocurrency market is heading deeper into crypto winter following the shocking collapse of FTX. However, Friedman said that Mattel remains undeterred in its long-term vision to innovate and deliver utility to its customers.
“While market volatility is out of our control, we are in control of our product and user performance, and excited to continue building best-in-class digital experiences that pioneer the future of play and create stronger relationships with our community,” he added.
Mattel previously partnered with Gary Vaynerchuk to launch VeeFriends UNO deck, and teamed up with Web3 company OnChain Studios to launch Cryptoys NFT platform on Flow blockchain. The company also collaborated with luxury brand Balmain to launch exclusive Barbie NFTs in January and plans to launch a new Barbie collection with Boss Beauties, which recently appointed former Mattel senior licensing manager Yael Afriat as its new chief commercial & revenue officer.
“In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art,” said Friedman. “This is the latest evolution of our digital endeavors, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands.”
The marketplace is designed to make it easy for non-crypto natives to purchase digital collectibles as it doesn’t require payment in cryptocurrency, meaning that fans can pay for their purchases using a credit/debit card.
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