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Mattel announced to launch ‘Cryptoys’ NFTs on Flow Blockchain

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Joyashree Dey Follow

INDIA

Nov, 22 2022

Nov, 22 2022

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On November 21, Toy manufacturer Mattel announced the launch of NFTs on a new dedicated platform, ‘Mattel Creations,’ to double down on their NFT pursuits 


In a press release obtained by Bitcoinist this week, Mattel shared their new platform pursuits, which are expected to be headed by the latest series of the toy company’s Hot Wheels NFTs. Fans will be able to purchase digital items linked to Mattel's iconic Barbie and Hot Wheels IP on the company's new NFT marketplace. The newest set in the Hot Wheels NFT Garage Series will be the first collection available on the market.


Previous Hot Wheels NFTs from the business, which cost $25 a box and came with a voucher for a real die-cast model, have all been consumed. According to WAX Market Cap, previous installments of the series on the WAX blockchain have traded for thousands of dollars.


“Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics,” 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.”


The launch of Mattel Creations coincides with a downturn in the NFT market and a deeper onset of the crypto winter in the overall cryptocurrency market following the startling demise of FTX. Friedman noted that Mattel, meanwhile, is unfazed by its long-term.


“While market volatility is out of our control, we are in control of our product and user performance, and excited to continue building best-in-class digital experiences that pioneer the future of play and create stronger relationships with our community,” he added. 


In the past, Mattel and Gary Vaynerchuk collaborated to launch the VeeFriends UNO deck, and they also collaborated with Web3 firm OnChain Studios to release the Cryptoys NFT platform on the Flow blockchain. The business also worked with the upscale retailer Balmain to introduce unique Barbie NFTs in January, and it has plans to do the same with Boss Beauties, which recently hired Yael Afriat, a former senior licensing manager at Mattel, as its new chief commercial and revenue officer.

 

“In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art,” said Friedman. “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.”


In the past, Mattel and Gary Vaynerchuk collaborated to release the VeeFriends UNO deck, and they also collaborated with Web3 firm OnChain Studios to release the Cryptoys NFT platform on the Flow blockchain. The business also worked with the upscale retailer Balmain to introduce unique Barbie NFTs in January, and it has plans to do the same with Boss Beauties, which recently hired Yael Afriat, a former senior licencing manager at Mattel, as its new chief commercial and revenue officer.


The marketplace is made to make it simple for people who aren't familiar with bitcoin to buy digital treasures because it doesn't require cryptocurrency payments; instead, customers may use a credit or debit card to make purchases. 


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Joyashree Dey

CBW - External Analyst

INDIA

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