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Mattel launches NFT marketplace, premium Hot Wheels up for grabs
Mattel plans to transform toys into digital collectibles, making it the first toy company to do so.
The toy behemoth announced the launch of its own marketplace for digital collectibles (NFT) on Mattel Creations, the company's collector and direct-to-consumer platform.
The Mattel Creations Digital Collectibles Marketplace is built on the Flow blockchain, where fans can buy digital assets related to classic products such as Hot Wheels and Barbie IP.
Series 4 of the Hot Wheels NFT Garage is the first collection to be released, and it includes some of the most well-known cars from around the world, including McLaren, Chevrolet, and Honda.
The collection will be available on December 15th. Also, if you get a Premium or Treasure Hunt NFT, you can exchange it for a physical die-cast replica.
Previous Hot Wheels NFTs have all sold out, with each pack costing $25 and including a voucher for a physical die-cast model.
The market is geared toward attracting mainstream customers. Users do not need cryptocurrency to purchase NFTs; they can simply pay with a credit or debit card. And they also have plans to will integrate a peer-to-peer trading platform that will allow collectors to trade their digital collectibles with each other.
"Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics," said Ron Friedman, vice president of the Mattel Future Lab. "This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities to exclusive die-cast cars that they love."
Mattel's previous Web3 partnerships:
Launched VeeFriends UNO deck partnered with Gary Vaynerchuk
Launched Cryptoys NFT platform on Flow blockchain partnering with Web3 company OnChain
Launched exclusive Barbie NFTs with luxury brand Balmain
Plans to launch a new Barbie collection with Boss Beauties
Partnered with Toekenz Collectibles, a family-focused and child-safe NFT platform, to release NFTs.
NFT marketplace Magic Eden integrates Polygon.
To go deeper into the blockchain gaming and NFT ecosystems, NFT marketplace Magic Eden is merging with Ethereum scaling layer-2 blockchain Polygon. Support for NFT assets created on Polygon will soon be added.
The marketplace makes its statement after many significant brand launches involving Polygon. Users created more than 3 million wallets to hold their collectable avatars on Reddit, which utilized Polygon to create its collectible avatars.
Some of the most significant web3 game projects and companies, including Ubisoft, Atari, Animoca Brands, Decentraland, and Sandbox, are housed on the Polygon network.
"The integration will allow us to onboard more global brands and new users into the NFT marketplace while continuing to bring web3 games to the masses," Yin said. "Polygon has already brought many recognized brands into web3, which opens the gate for new users to discover the many utilities of NFTs."
FTX Japan May Resume Withdrawals by year-end
According to a report by broadcaster NHK on Monday, the Japanese division of the bankrupt cryptocurrency exchange FTX is getting ready to restart customer withdrawals before the end of the year.
As of Nov. 10, FTX Japan had deposits totalling around 19.6 billion yen ($138 million), per the interview covered by NHK.
The country's Financial Services Agency gave the exchange the go-ahead to halt operations on Nov. 10 due to Sam Bankman-crypto Fried's empire's abrupt slide and demise. To enable its clients to withdraw their monies, FTX Japan is developing a specific mechanism.
But FTX as a whole is still in trouble. Its top 50 debtors are owed more than $3 billion, and all withdrawals have been stopped.