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Mattel Launches NFT Marketplace for Barbie and Hot Wheels Toys

Toy Firm Mattel Launched Brand New NFT Marketplace for Toys Barbie and Hot Wheels

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353 Listen to this article The online marketplace for collectibles was officially launched by Mattel, a major toy manufacturer. This […]

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The online marketplace for collectibles was officially launched by Mattel, a major toy manufacturer. This is the second Hot Wheels NFT production on Ethereum following the first. Barbie from Mattel and the luxury fashion label Balmain collaborated on a consumer goods NFT collection that was published in January 2022.

Global toy maker Mattel has expanded its selection of digital antiquities from its collection of iconic brands by launching its own non-fungible token (NFT) market on Mattel Creations, the firm’s direct-to-consumer platform. In addition to producing toys including dolls, games, and action figures, the California-based entertainment corporation also holds the intellectual property (IP) licenses to popular brands like Barbie, Hot Wheels, Matchbox, UNO, and Fisher-Price.

For its brands that are Barbie as well as Hot Wheels, the company Mattel has developed NFT collections. The current market is based on the blockchain of Flow and doesn’t require bitcoin ownership from consumers in order to make purchases. Additionally, this platform enables WAX blockchain users who own Hot Wheels Garage NFTs to eventually move their tokens to Flow.

According to Ron Friedman – the Vice President of Mattel Future Lab, said that by establishing our own marketplace as a whole we’re able to transform legendary Mattel IP into digital artwork while engaging with our customers directly.

The market put on the NFT marketplace

In fact, a number of businesses have realized the benefits of starting their own markets. This applies to DC Comics as well, which just made it possible to purchase NFTs on their website, including Batman.

Read Also:  BTC and ETH Surge Spurs NFT Market Growth

To maintain control over their own brands and shield fans from fraud on rival marketplaces, businesses with larger communities favor hosting their own marketplaces. Businesses with larger communities choose to host their own marketplaces compared to val marketplaces. While shopping on secondary NFT marketplaces like OpenSea, there is a chance that you will end up with fake NFTs, however these trading platforms are also taking the necessary steps to solve these issues.

Additionally, all the major firms may more easily build a network thanks to internal marketplaces. The network that may provide its special benefits to all of its members. 

Since the toy industry has grown, attention has been drawn to entertainment projects and the utilization of proprietary rights. As can be observed from 2018, the profit trends of Mattel, the toy firm, have improved. In 2022, Mattel’s second-quarter revenue increased 20% year over year, indicating high toy demand. This gave the company the confidence it needed to invest profitably in NFTs.

Barbie and Hot Wheels were to become avatars thanks to the collaboration with Cryptotoys. Similar to electrical artifacts found in video games, this fits the company’s goal of broadening the scope of its intellectual property. 

Recently, Mattel and Boss Beauties teamed up to launch the Barbie x Boss Beauties NFTs in an effort to inspire the next generation of women and girls with regard to their professional aspirations. For the debut release of the upcoming digital toy series Masters of the Universe, Cryptoys and Mattel have teamed up.

FAQ’s

Is investing in mattel profitable?
Read Also:  Yuga Labs Announces Restructuring and Layoffs Amid Shifting Priorities

Yes, as it has many companies under it which sell games and other products, it is a highly profitable investment. 

Is Barbie owned by mattel?

Yes, the Barbie brand comes under mattel.

Where is the mattel headquarter located?

The mattel headquarter is in El segundo, California, USA.

Can you invest in Mattel NFT?

For investing in Mattel NFT you may analyze the market before making investing decisions in the mattel NFT.

Why is Mattel NFT getting so popular?

After the release and huge success of the barbie movie, the mattel NFT has gained much popularity. 

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