Mattel is making a strong push into the non-fungible token (NFT) space, announcing recently that it will launch a new peer-to-peer Rarible-powered marketplace for its virtual collectibles on April 27. The toy giant will also be releasing its fifth series of Hot Wheels NFT Garage, packaged in $25 packs featuring fan-favorite car models like McLaren, Pagani, and Aston Martin. Furthermore, if someone gets their hands on certain rare makes, they’ll be eligible to receive a physical die-cast version.

This marks yet another step toward the vision Mattel had for its NFT platform when it was initially launched in November 2022 – the platform, Mattel Creations Virtual Collectibles, was made to provide fans of the iconic brand an “unrivaled, best-in-class experience” and the marketplace upgrade is another step in that direction. To help power the new platform, Mattel has partnered with Flow, a layer-1 blockchain supported by Rarible.

Already, thousands of fans have shown immense interest in the NFT space by buying up all the Series 4 of the Hot Wheels NFT Garage in just 12 hours of its release on December 2023. Aside from the Hot Wheels series, Mattel also offers other NFTs like Cryptoys and Boss Beauties x Barbie with the second Barbie NFT set to drop in May.

To make sure their platform includes the larger, non-crypto savvy consumer market, Mattel allows users to make purchases without posing a single crypto asset. This is made possible thanks to Magic, a wallet-as-a-service provider that uses fiat on-ramps to make it easy for new users to get onboard.

Overall, Mattel’s foray into the NFT space is just beginning, with more collections and improvements expected in the coming months. With their digital hub offering a safer, user-friendly NFT experience, Mattel is setting the bar for mainstream adoption of blockchain-based entertaining assets.



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