Mattel Introduces NFT Platform Through ‘Mattel Creations,’ Shifts From WAX To Flow Blockchain

This week, toy giant Mattel announced the debut of NFTs on a new specialized platform called “Mattel Creations.”

In a press statement acquired by Bitcoinist on Monday, Mattel detailed their new platform endeavours, which are anticipated to be led by the newest series of Hot Wheels NFTs.

Let’s take a brief look at Mattel’s most recent statement, its new blockchain of choice, and what to anticipate in the future.

Hot Wheels NFTs have been one of the most successful NFT initiatives to run on the WAX blockchain, however, once Mattel Creations fully releases its NFT support (expected in early 2023), WAX will no longer be Mattel and Hot Wheels NFTs’ blockchain of choice.

The flagship toy is into its fourth series of NFT releases, and the new platform is a bullish indicator for NFT enthusiasts, indicating a continuous and vested interest in NFTs for the toy brand, which speaks well for blockchain-based collectables in the future.

In the meanwhile, Mattel Creations has already begun, but without NFT assistance. Creations bring to life the concept of “toys as art,” which will continue to be supplemented by digital items. Previously, Hot Wheels NFTs were commonly offered in packs for $25 that included a ticket for an actual Hot Wheels vehicle, and they sold out rapidly. Creations also feature a multitude of the toymaker’s culture-first partnerships, which will be ideal for NFT participation.

As successful as Hot Wheels releases have been, anticipate further intellectual property from the traditional toy brand to enter their NFT marketplace in 2017. The most obvious possibility is Barbie, who has already had an NFT release as part of a partnership with Balmain.

Mattel may have scored a home run when it comes to the introduction of NFT strategies among brands. According to statistics from WAXMarketCap and CryptoSlam, Mattel’s Hot Wheels releases have been a success, generating over $5 million in NFT sales among over 20,000 users.

In addition, Hot Wheels has maintained its importance on the chain and continues to rank in the top three in terms of volume over the previous 30 days on WAX. Moving Flow and Mattel to a dedicated platform will be a significant success for both companies.

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