Mattel, a leading toy brand in the Web3 space, announced today that it will launch its peer-to-peer (P2P) NFT marketplace on April 27th, the next phase in its strategy for this nascent technology industry. The marketplace will allow users to trade Mattel digital collectibles through wallets generated on the website, a stark departure from its current direct-to-consumer NFT platform.
The toy brand known for its Hot Wheels, Barbie, and Fisher-Price franchises partnered with several top companies in Web3 to create its marketplace, including Rarible, a top NFT marketplace and infrastructure provider, and Magic, which offers wallet building and onboarding services to Web2 companies.
The new Mattel marketplace will run on Flow, an eco-friendly, layer-1 blockchain that uses multi-role architecture to scale without the need for sharding. Flow is known for hosting many NFT collections, including Dapper Labs’ NBA Top Shot, and for its fast speeds and low transaction costs.
Ron Friedman, VP at Mattel Future Lab, said in a statement that the P2P marketplace is a step forward in the company’s vision of providing an “unrivaled, best-in-class experience for the fans of Mattel’s iconic brands.” He added that the company “can’t wait for fans and collectors of all ages to experience the updated platform.”
Series 5 of Hot Wheels NFTs to Debut with Marketplace Launch
To mark the launch of its P2P marketplace, Mattel is debuting Series 5 of its popular Hot Wheels digital collectibles, with 40 different cars of varying edition sizes up for grabs. Some of the brands in the drop are McLaren, Pagani, Aston Martin, Chevrolet, and Porsche. There will also be some Hot Wheels originals available.
A pack costs $25 and will include seven Hot Wheels NFTs: four common cars, two uncommon, and one guaranteed rare. In addition, collectors who receive a Premium or Treasure Hunt digital collectible will be eligible for a physical die-cast replica.
Mattel started the Hot Wheels NFT Garage Series in the summer of 2021, initially launching the collection on the WAX blockchain before moving it to the digital collectibles platform on its Mattel Creations website starting in November 2022.
Although Hot Wheels NFT Garage Series was Mattel’s entrance into Web3, the company has introduced other toy franchises under its digital collectibles umbrella. Among its projects are Masters of the Universe collectibles through a partnership with Cryptoys and Barbie NFTs through a collaboration with mintNFT and French luxury brand Balmain.