Mattel Inc. is launching its own marketplace for non-fungible tokens or NFTs as it aims to sell digital collectibles based on the brand’s iconic Intellectual Property (IP) assets. The California-headquartered toy maker said that it would create digital art versions of its IPs to expand its NFT business.
The company named the NFT marketplace Mattel Creations, and it will be unveiled on the Flow blockchain within this week. As mentioned on NFTGator, once the marketplace is activated, fans will be able to purchase various digital collectibles featuring the company’s world-famous classic toy brands — Hot Wheels and Barbie.
The two will be part of the very first collection that will be sold on the Mattel Creation Digital Collectibles marketplace. The company said that it would be using the latest Hot Wheels NFT Garage Series set for this drop.
It was said that Mattel chose to build the platform on the Flow blockchain because it is an environment-friendly, fast, and decentralized blockchain that is also specifically designed to back consumer-scale decentralized applications for different audiences.
One good thing about the Mattel Creations NFT marketplace is that there is no requirement for users to own cryptocurrency when buying digital collectibles. Rather, they can pay using their debit or credit cards which makes purchases fast and easy. Collectors can also trade their NFT collectibles on the platform starting in the first quarter of 2023.
“Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds,” Mattel Future Lab’s vice president, Ron Friedman, said in a press release. “In launching our own marketplace, we are able to translate iconic Mattel IP into digital art, engaging directly with our customers and providing a best-in-class user experience.”
Friedman further said that “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.”
Finally, the executive also remained optimistic in its long-term vision for Mattel to innovate and offer utility to its customers despite the slump and the fact that the cryptocurrency market is going deeper into crypto winter after the sudden collapse of the crypto giant, FTX.