Mattel To Launch Its Virtual Collectibles Peer-to-Peer Marketplace
Milestone Date: April 21, 2023
Iconic toy manufacturer Mattel is set to launch a peer-to-peer marketplace for digital collectibles on April 27, 2023. Powered by Rarible’s white-label NFT marketplace, the Mattel Creations-branded “Virtual Collections Platform” will allow users to buy and sell NFTs directly from one another (as well as from Mattel).
Mattel has also partnered with Magic, a digital wallet provider, and Dapper Labs (the engineering arm of the Flow blockchain) to power the platform. Mattel utilized Magic's non-custodial wallet SDK to streamline and customize the process of generating wallets, ensuring a secure and hassle-free onboarding experience for customers.
To celebrate the launch, Mattel will introduce the fifth series of its popular Hot Wheels NFT Garage, featuring 40 unique designs from McLaren, Pagani, Aston Martin, Chevrolet, Porsche and other unique Hot Wheels creations. As a part of Mattel’s digital twin strategy, collectors who acquire rare NFTs from this series will also have the chance to receive physical die-cast versions of the cars.
Rarible's white-label marketplaces have already seen success with brands like The Smurfs' Society and McFarlane Toys. Mattel's entry into the NFT space demonstrates its commitment to innovation and engaging with its fan base through digital collectibles.
“When we first set out to launch our own Virtual Collectibles Platform, we did so with the intention of creating an unrivaled, best-in-class experience for the fans of Mattel’s iconic brands,” said Ron Friedman, vice president at Mattel Future Lab. “In adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step toward realizing that vision.”
This move further highlights the growing interest in NFTs and their impact on the retail industry, as they provide a new way for brands to connect with consumers and offer unique digital assets.
By Elizabeth Morrison
Published:April 21, 2023
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