Mattel Launches a P2P NFT Marketplace
Mattel, Inc. is set to introduce their virtual collection and unveil a new peer-to-peer marketplace to the public.
To celebrate its 75th anniversary, leading toy manufacturer Mattel is giving owners of its virtual collectible items the chance to show off, trade, and sell their NFT assets. Along with the launch of the P2P platform, the fifth series of Hot Wheels® NFT Garage will be released.
The "garage" reference is a nod to Mattel's humble beginnings in 1945, when the now-global player started producing picture frames and doll furniture in a small auto repair shop on the outskirts of Los Angeles.
Mattel's humble garage beginnings have had a lasting impact. As time passed, the company evolved into a producer of beloved die-cast cars that are sold in 150 countries worldwide.
Recently, the iconic Hot Wheels cars made their way onto the P2P NFT platform, which is supported by Rarible, a top developer of non-fungible tokens. Mattel also collaborates with other notable technology providers, including Magic, and its non-custodial cryptocurrency wallet. Through this partnership, Mattel was able to develop a branded and user-friendly wallet creation process for its customers.
It's important to note that the P2P trading platform is essentially an updated version of Mattel Creations, a virtual collecting platform that made its debut in November 2022. Mattel Creations was developed in collaboration with Flow, an L1 platform for NFTs and GameFi.
The fifth series of Hot Wheels® NFT Garage is sure to be a smash hit. For instance, in the previous fourth series, 30,000 sets were sold in under 12 hours. The new collection features 40 NFT cars, including renowned brands like McLaren, Pagani, Aston Martin, Chevrolet, and Porsche, as well as cars designed by Hot Wheels designers. The sets will also be available on the primary market for $25.
Each set contains 7 virtual collectibles, and the math behind it is quite intricate. Each pack will include 4 common Hot Wheels NFTs and 2 uncommon NFTs according to the company. And then it's a matter of luck. The seventh NFT in the set may turn out to be rare or super rare, and lucky collectors may also receive a premium and treasure hunt token. Owners of NFTs in the last three rarity categories are entitled to receive a physical copy of their digital car. The company has announced that these will be the McLaren F1, '17 Pagani Huayra Roadster, Aston Martin Vulcan, '55 Chevy® Panel, or Porsche 911 GT3 RS.
Common and uncommon cars
Rare and super-rare cars
Premium and treasure hunt cars
When we first set out to launch our own Virtual Collectibles Platform, we did so with the intention of creating an unrivaled, best-in-class experience for the fans of Mattel's iconic brands. In adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step toward realizing that vision,said Ron Friedman, Vice President at Mattel Future Lab.
