Cryptocurrency Insight
Toymaker Mattel is doubling down on its NFT activities, announcing the launch of NFTs on a new dedicated platform, ‘Mattel Creations’, this week. In a press release obtained by Bitcoinist on Monday, Mattel shared its new platform activities, which are expected to be led by the toy company’s latest series of Hot Wheels NFTs.
Let’s take a quick look at what this latest announcement from Mattel is all about, its new blockchain of choice, and what to expect going forward.
Hot Wheels NFTs have been one of the most successful NFT projects to operate on the WAX blockchain, but once Mattel Creations formally launches its NFT support (which is slated for early 2023) it will no longer be the blockchain of choice for Mattel. and are Hot Wheels NFTs. The signature toy is entering its fourth series of NFT releases, and the new platform is a bull sign for NFT fanatics, reflecting a continued and invested interest in NFTs for the toy brand that bodes well for collectibles blockchain-based in the future.
Meanwhile, Mattel Creations is already in the works, albeit not with NFT support. Creations brings to life a ‘toys as art’ inspiration, and digital products will continue to complement this. Previously, Hot Wheels NFTs were usually sold in bundles priced at $25, including a voucher for a physical Hot Wheels car, and typically sold out quickly. Creations also hosts a bevy of cultural collaborations from the toymaker, which will also be ready for NFT involvement.
Flow blockchain (FLOW) has found a big winner with Mattel, who is departing the WAX blockchain to move their dedicated platform on Flow. | Source: FLOW:USD on TradingView.com
As successful as Hot Wheels launches have been, expect more IP from the legacy toy brand to potentially hit its NFT market this past year. The most likely candidate is Barbie, who has seen an NFT release before, as part of a collaboration with fashion house Balmain.
In the big picture, Mattel has likely hit a home run when it comes to introductory NFT strategy across brands. According to data provided by WAXMarketCap and CryptoSlam, Mattel’s Hot Wheels releases were a success, bringing in over $5 million in on-chain NFT sales from over 20,000 users. Additionally, Hot Wheels has maintained relevance on the chain and is still in the top 3 by volume over the past 30 days on WAX. It will be a big win for Flow and Mattel to move to a dedicated platform.
Featured image from Pexels, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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