23/11/2022 Mattel Launches NFT Marketplace With Hot Wheels Collection

The premiere drop features brands including McLaren and Aston Martin. The company hinted at future releases inspired by other iconic toy brands.

Hot Wheels NFT (Mattel)

Hot Wheels NFT (Mattel)

Global toy company Mattel has launched its own non-fungible token (NFT) marketplace on Mattel Creations, the company's direct-to-consumer platform, expanding its lineup of digital collectibles from its portfolio of iconic brands.

The California-based entertainment conglomerate produces goods including dolls, games and action figures, and owns theintellectual property (IP) rightsto brands Barbie, Hot Wheels, Matchbox, UNO and Fisher-Price, among others. So far, Mattel has released NFT collections for itsBarbieandHot Wheelsfranchises.

The Mattel Creations Digital Collectibles Marketplace is built on the Flow blockchain, which also powersthe NBA Top Shot platform. The new NFT marketplace was made for "mainstream consumers" and "will not require users to own cryptocurrency to make purchases,"according to a company press release. The marketplace also plans to integrate a "peer-to-peer trading platform that will allow collectors to trade their digital collectibles between them" by early 2023.

The first launch on the Mattel Creations Digital Collectibles Marketplace will beSeries 4 of the Hot Wheels NFT Garage, which will comprise of artwork featuring 60 cars from brands like McLaren, Aston Martin and more. Each pack, priced at $25 each, includes seven hot wheels NFTs of varying rarity levels, with the rarest collectibles redeemable for physical die-cast replicas.

Ron Friedman, vice president at Mattel Future Lab, said in a statement that the development of a homegrown NFT platform will also the company "to translate iconic Mattel IP (intellectual property) into digital art." Hinting at future releases with the company's roster of toy brands, Friedman said: "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.”

Mattel joins a growing number of physical collectible companies expanding into digital collectibles. In September, pop culture retail brand Funkoreleased a physical and digital comic book collectibleon the WAX blockchain. In addition, Marvel has teamed up with licensed NFT marketplace Veve to make itscomic books viewable in augmented reality, while gaming powerhouse Hasbro hasreleased a collection of Power Rangers NFTsthat could be redeemed for a limited-edition action figure.



Interesting NFTs
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
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