The latest public company to tackle the non-fungible token market is Mattel with a planned launch centered on its Hot Wheels brand.
What Happened: Three NFTs from the Hot Wheels NFT Garage Series will go up for auction starting on June 22.
The first three unique NFTs are part of a collection called “The First Editions,” available for sale in a one-week auction beginning June 22.
“Connecting to culture is core to Mattel’s DNA and as we continually look to innovate, evolving physical product to digital art through NFTs was an obvious next step for Mattel Creations,” Mattel President and COO Richard Dickson said.
The NFTs will be built on the Ethereum (CRYPTO:$ETH) platform.
Why It’s Important: There are more than 25,000 unique die-cast models from Hot Wheels, according to the company. This suggests Hot Wheels could have a long runway of products if there is demand for Hot Wheels NFTs.
“Mattel Creations is the perfect platform for us to present limited-edition collector products that speak to our incredible fan base as well as attract new fans to our vast portfolio of pop culture brands. Toys as art and art inspired by toys,” Dickson said.
Mattel has a portfolio of iconic brands such as Fisher-Price, American Girl, Thomas & Friends, Uno, Mega and Barbie. These brands could be turned into NFT collectibles.
Hot Wheels could be a good test to see if there is demand for NFTs on brands that are aimed towards a younger demographic.
MAT Price Action: Shares of Mattel are down 2.86% to $19.33 on Thursday.
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