Legacy toymaker Mattel hasn’t shied away from NFT engagement. They’ve been one of the most active brands at large – and certainly the most active brand in their product category – to flex their muscles with NFTs. Furthermore, the company has seen some early wins to spur momentum.
That early momentum is fueling a new dedicated NFT marketplace that Mattel has launched. Let’s take a look at all the details revealed so far.
Mattel’s Mission: What We’ve Seen Thus Far
Hot Wheels is one of Mattel’s most flagship properties, and has been one of the most successful and impactful IP integration’s within the company’s NFT engagement strategy.
Now, the toy cars will be the featured element behind the firm’s latest announcement.
To date, Mattel has been one of the earliest entrants in the NFT space – certainly at this size and scale. The company was featured in one of our first pieces of ‘NFTs In A Nutshell‘ content with the initial launch of it’s Hot Wheels serialized collection.
Late last year, we covered the details surrounding the company’s launch of ‘Mattel Creations,’ which was the firm’s first take at an owned platform. It also signaled the brand’s shift from the WAX blockchain to it’s new partner, FLOW. This latest announcement shows a real ‘double down’ on that initial launch.
FLOW (FLOW:USD) has been the blockchain of choice for many unique virtual collectibles, including Mattel and their respective IPs. | Source: FLOW:USD on TradingView.com
The New Virtual Collectibles Platform
With Mattel Creations now roughly 6 months in the making, what takes this week’s announcement to the next level?
In a press release obtained by Bitcoinist, details show that Mattel will open up peer-to-peer trading in this new marketplace, powered by Rarible. The company is also working with wallet-as-a-service provider Magic, to facilitate a smooth wallet experience, and will continue working alongside Flow for blockchain integration.
Additionally, the release will come in tandem with the Series 5 release of ‘Hot Wheels NFT Garage,’ according to the press release. The new marketplace will signal a major growth step for effectively all the stakeholders involved: the brand will be taking a substantial step in the NFT space, Rarible is testing it’s ability to provide white-label P2P marketplace services, Magic is testing their product at scale, and Flow is adding another notch in the belt with their partnership with Mattel.
In a statement included in the release, the firm’s VP at Mattel Future Lab, Ron Friedman, stated:
“When we first set out to launch our own Virtual Collectibles Platform, we did so with the intention of creating an unrivaled, best-in-class experience for the fans of Mattel’s iconic brands… In adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step toward realizing that vision. Especially as we unveil Series 5 of the Hot Wheels NFT Garage, we can’t wait for fans and collectors of all ages to experiences the updated platform.”
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Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.