American toy manufacturer Mattel announced on April 20 an update to its virtual collectibles platform, which will go live on April 27.Mattel Creations Virtual Collectibles, as the peer-to-peer platform is called, will be available at the same time as the Hot Wheels NFT Garage Series 5, which features designs from some of Hot Wheels’ most popular models.
Mattel Creations Virtual Collectibles Platform launches Peer-to-Peer Market feature
Toymaker Mattel (Nasdaq: MAT) continues its foray into the non-edible tokens (NFT) space with the latest update to itsMattel Creations Virtual Collectiblesplatform. Added is a peer-to-peer (P2P) marketplace offered by NFT companyRarible. Mattel worked with wallet-as-a-service providerMagicand its blockchain partner. Flow. The launch of the P2P marketplace will coincide with the release of the Hot Wheels NFT Garage Series 5, a digital collectible collection designed by the same team that created the Hot Wheels die-cast cars.
Series 5 will include 40 different cars and the digital collectibles will be sold in packs for $25 each. Collectors will receive a premium or “Treasure Hunt” digital collectible that includes a Porsche 911 GT3 RS, ’55 Chevy Panel, Aston Martin Vulcan, McLaren F1, and Pagani Huayra Roadster, and the same car will You’ll be eligible to receive a physical die-cast replica of the popular toy manufacturer, founded in 1945 and headquartered in El Segundo, California, and a number of toy manufacturers are attempting to enter the NFT industry.
Companies such as Funko, Disney, Wal-Mart, Hasbro, and Toys “R” Us have launched NFT products in the past three years. Last October, Mattel released the official Masters of the Universe digital toy collection to celebrate the franchise’s 40th anniversary. Mattel also worked with the Veefriends NFT project to launch a limited edition UNO deck featuring Veefriends NFT characters.Ron Friedman, vice president of Mattel Future Lab, said the new P2P marketplace feature, expanding the toy company’s virtual collectibles platform, explaining.
“When we first set out to launch our own virtual collectibles platform, we did so with the intention of creating an unparalleled, best-in-class experience for fans of Mattel’s iconic brand.” Friedman said in a statement Thursday.” We have taken another step toward realizing that vision by adding a marketplace feature to our easy-to-use platform that allows users to sell and trade virtual goods.” When the marketplace feature launches on April 27, Mattel NFT owners will be able to “view, trade, and sell their assets” in a peer-to-peer fashion.
What are your thoughts on Mattel’s expansion into the NFT space?