Despite the negative news surrounding the crypto ecosystem, NFTs continue to attract the attention of major entertainment companies.
On November 21, Mattel, one of the world’s largest toy companies, announced the launch of its own NFT marketplace, “Mattel Creations”, which will offer direct-to-consumer services.
According to the company’s press release, the first collection launched by the toy giant will feature Hot Wheels Garage Series 4 NFTs, which go on sale December 15.
Mattel Bates extends its legacy to Web3
The Hot Wheels NFT collection was developed by the same team responsible for creating the physical collectible cars. This will allow Mattel to offer valuable collections of Hot Wheels’ most popular vehicles and rare digital artifacts, continuing its legacy on Web3.
Despite being in the market for more than 54 years, the Hot Wheels brand remains a pioneering automotive franchise that, according to Mattel, has “proven its influence on automotive and pop culture with legendary design and epic performance.”
Hot Wheels vehicles have become the best-selling toy in the world, with over 8 million vehicles sold and collected by fans of all ages.
Mattel is known for attracting customers through live event sponsorships, global competitions, digital games, movies and TV shows, so it wouldn’t be surprising if they launch campaigns to promote the new NFT market.
Mattel’s NFT collectibles are selling out “immediately”.
NFT is a unique token that represents ownership of a specific asset. Even if they are part of a collection, they each have a unique set of characteristics that make it possible to identify them on the blockchain. Regular ERC20 tokens are convertible as they can be exchanged for an identical token. However, NFT standards like ERC721 are designed for tokens that behave more like an asset than a currency.
According to Mattel, previous NFT collections launched in partnership with other companies, such as the Kryptoys x Masters of the Universe collection and Barbie x Boss Beauties, were so successful that they “sold out immediately.”
In addition to Hot Wheels, Mattel has a portfolio of iconic brands such as Barbie®, Fisher-Price®, American Girl®, Thomas & Friends®, UNO® and MEGA®, which when launched in the new NFT market bring a number of well-known Can compete on equal footing with brands.
As Cryptopotato pointed out, while some celebrities like Justin Bieber have lost over a million dollars investing in NFTs, others like Cristiano Ronaldo are making forays into this world. The football superstar has just launched a new NFT collection with Binance.
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