One of the largest toy manufacturers in the world, Mattel announced the establishment of its own NFT marketplace called “Mattel Creations,” which would provide services directly to consumers.
The company’s press release states that on December 15, they will release its debut collection, which will include NFTs of Hot Wheels Garage Series 4.
The company that made the Hot Wheels NFT collection is the same company which developed the physical collectible cars. Mattel will be able to continue its heritage on the Web3 by selling unique digital artworks and collections of Hot Wheels’ most popular vehicles, as per a statement on November 21st.
More than 8 million Hot Wheels cars and trucks have been sold and are avidly collected by fans of all ages, making them the best-selling toy in the world. Toy maker Mattel’s claims that Hot Wheels “has proven its influence on automotive and pop culture with legendary design and epic performance,” even after it stays in the market for over 54 years.
Mattel Expands NFT Business
Mattel, founded in a garage in 1945, claims that earlier NFT collections launched in partnership with other companies, like the Cryptoys x Masters of the Universe collection and the Barbie x Boss Beauties, were so popular that they “sold out instantly.”
Mattel’s portfolio includes numerous recognizable brands, including Hot Wheels, Barbie, Fisher-Price, American Girl, Thomas & Friends, UNO, and MEGA, all of which have the potential to do well in the emerging NFT market.
Back in the month of October this year, Mattel, the American toy manufacturer and Cryptoys, a business that specializes in NFTs, announced to release a line of NFT toys called Master of the Universe (MOTU). The NFT collection was released in honor of the MOTU franchise’s 40th birthday.
Interestingly, NFTs continue to pique the interest of major media giants, despite all the doom and gloom in the crypto industry.