The legendary toy company, Mattel, is auctioning off Hot Wheels NFTs on Tuesday. The NFT Collection will feature digital arts inspired by the classic edition of die-cast toy cars.
Mattel is a part of every person’s childhood memories because it is the home of well-loved toy brands like Barbie and Polly Pockets.
Hot Wheels’ NFT Transformation
The Hot Wheels NFT Garage Series features three pieces of digital art based on classic cars from its archive: Twin Mill, Bone Shaker and Deora II. The auction on Mattel Creations website will accept ETH payment which is a first for the company.
Mattel President and COO Richard Dickson, explained why Mattel decided to pursue NFTs starting with Hot Wheels. “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 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,” Dickinson adds.
The future of NFT Toy Collectibles
The need for authentication is a prevailing problem of the industry. For example, there is no way to validate in sites like eBay where collectible appreciate like 10-20 times in price point. Thus, Toy Collectibles is an obvious use case of NFTs.
Evidently, more and more toy companies realize the potential of NFTs. TOYMINT, a next-gen toy company, is selling heir first line of premium collectible toys paired with NFTs. Singaporean designer toys and art collectibles studio, Mighty Jaxx, makes The Beauty of Rebellion and the Sesame Street Nubbies line of products. These are NFT and physical collectible hybrid. Meanwhile, Alt Saints is replacing cereal box toys with crypto tokens.