The Hot Wheels NFT collection is currently on the WAX blockchain and will move to Flow with the launch of the marketplace.
Toy manufacturer Mattel has announced the launch of a platform dedicated to NFTs, which will be called “Mattel Creations” and will debut with the launch of the fourth edition of the Hot Wheels-based non-fungible token collection.
Mattel's new NFT marketplace has been developed About the Flow Blockchain and represents a further step in the company's plans to enter the metaverse and Web3 functionalities.
The goal of “Mattel Creations” is to inspire a new wave of “Toys as art”, which aims to take toy collecting to a new level.
Hot Wheels NFT collection one of the best performing
The Hot Wheels NFT collection, called Pedal to the metal It has been on the market for some time and is considered the collection of non-fungible tokens with better WAX performance, the blockchain on which the collection was originally launched.
Hot Wheels NFTs have been sold in $25 packs, which included a valid for one physical Hot Wheels car.
However, once the collection is released on “Mattel Creations”, the collection will migrate to Flow, the blockchain chosen by Mattel for its NFT platform. The launch on the new “Mattel Creations” platform will be the fourth edition of the collection and, given the performance of the previous ones, it is expected that serve as support for the launch of the platform.
Meanwhile, “Mattel Creations” is already up and running, although it does not yet have NFT support.
Mattel's platform seeks to host new brands
Mattel wants its NFT platform to be used to launch various collections based on other toys of their brand.
The main candidate for a collection is Barbie, who already had an NFT collection in the past, as part of a collaboration between the toy brand and fashion house Balmain.
With the launch of the Hot Wheels collection, the toy company has made a statement, getting ahead of its competitors in the field of digital assets. In this regard, data on the chain indicates that Mattel could have generated sales worth more than 5 million dollars.
In fact, the Hot Wheels collection is still in the Top 3 by sales volume of the WAX blockchain, so the move to its own NFT marketplace could be very beneficial for the brand.
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