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Mattel Launches NFT Marketplace

NFT

cryptodaily.co.uk 22 November 2022 15:30, UTC
  
Reading time: ~3 m

The toy brand will be launching its own digital collectibles marketplace on its direct-to-consumer platform, Mattel Creations.

Mattel Chooses Flow For New Marketplace

After a few NFT collection drops on the WAX blockchain, Mattel has pivoted to the Flow blockchain to launch the Mattel Creations Digital Collectibles Marketplace. The move to the new blockchain comes from a desire to associate the brand with a more eco-friendly network. In addition, the Flow blockchain can also support consumer-scale decentralized applications that serve Mattel’s mainstream audience.

Buyers will not need to hold cryptocurrency or even transact in crypto in order to make purchases on the Mattel Creations Digital Collectibles Marketplace. In fact, it will support a peer-to-peer trading platform so that collectors can trade collectibles with each other.

Mattel Future Lab VP, Ron Friedman said,

“Mattel is pioneering the future of play and constantly deepening connections with fans of all ages in both the physical and digital worlds. In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art, engaging directly with our customers and providing a best-in-class user experience. 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.”

Hot Wheels NFTs Move To Dedicated Platform

The brand’s Hot Wheel NFTs have been quite popular among collectors and were launched on the WAX blockchain. Both WAXMarketCap and CryptoSlam have data showing that all previous Hot Wheels drops have brought in over $5 million in sales across 20,000 users on the WAX platform. In fact, the Hot Wheels collection is still maintaining its relevance on the blockchain. It is still one of the top 3 NFT sales by volume in the last month on WAX.

However, the Mattel Creations NFT platform, which is formally launching in early 2023, will provide the marketplace needs for the toy brand. The iconic toy collection will be dropping its fourth series of digital collectibles, this time on the Mattel Creations NFT Marketplace on the Flow blockchain. The new marketplace indicates that the toy brand is determined to stick to its web3 efforts and reflects a reaffirmed interest in NFTs.

Other Notable Marketplaces

Quite a lot of major brands and companies have been launching their NFT marketplaces in 2022. Video game company GameStop launched its NFT marketplace back in July and quickly overtook the sales volume of the Coinbase marketplace. OpenSea, which has always been the number one NFT marketplace by trading volumes, was also overtaken by the Reddit NFT marketplace in October. Soon after, Meta announced that Instagram would be supporting the minting and sales of Polygon-based NFTs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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