Toy manufacturer Mattel has announced that they are launching an NFT marketplace called Mattel Creations, which will be built on the Flow blockchain. The Flow blockchain was created by Dapper Labs and also houses their other NFT projects like NBA Top Shot. This upcoming marketplace will feature some of Mattel’s renowned creations such as Barbie, Fisher-Price, and Hot Wheels.
They are planning to release the “Series 4 Hot Wheels NFT Garage” as their first NFT digital collectible drop, consisting of car brands like McLaren and Aston Martin. Each pack will be priced at $25 and will include seven hot wheels NFTs, each of different rarity. The rarest collectibles will be redeemable for physical replicas. They have also confirmed that this is for mainstream consumers and "will not require users to own cryptocurrency to make purchases.”
Mattel joining the Web3 space shows that they are serious about drawing in a fanbase of adults who are avid collectors instead of just concentrating on selling toys for children. The opportunity provided by the digital space is clear, as Mattel follows in the footsteps of other well-known brands such as Marvel and Hasbro, who have already entered this space to sell their digital collectibles. Watch this space for more information on this launch.