Mattel Will Release NFT Dedicated To Its Toys

The American company Mattel will release NFTs dedicated to its toys, which can be used as avatars in the metaverse. Mattel has entered into a partnership agreement with OnChain Studios, which is working on creating the NFT platform called Cryptoys for trading non-fungible tokens. According to the agreement, the toy manufacturer will sell its NFTs only on this platform.

In addition, OnChain Studios is going to develop a metaverse called Cryptoyverse, in which the concept of "play to earn" will be implemented. Mattel's NFTs will become "playable" characters in the virtual space, meaning owners of Barbie tokens, Hot Wheels racing cars tokens, and other toys tokens will be able to control them in the metaverse.

The launch of the NFT platform is scheduled for the end of summer 2022 and, most likely, will take place simultaneously with the release of Mattel's NFT. The launch date of the metaverse has not yet been disclosed. Mattel's main competitor in the American market, Hasbro, released the Power Rangers NFT collection last year. Tokens were sold for $200, they could be exchanged for real figurines of superheroes on the Worldwide Asset eXchange trading platform.

Image: ModoGeeks