Leading toy company Mattel has signed a partnership with WAX blockchain to launch non-fungible tokens (NFTs) of its Hot Wheels Garage brand. The project will mint 40 different types of Hot Wheels and commercialize them at the starting price of $15 from November 16th.
Despite being a toy-like product, Hot Wheels is also a very collectible brand. It launched in 1968 with a collection of 16 cars, most of which are amongst the most valuable Hot Wheels today. The series of each toy car varies in scarcity. Some designs were launched in exclusive partnership with other popular brands, and some are so rare collectors believe they were launched just for display purposes. Mattel even has a dedicated “Collectors” website and a destination for Hot Wheels hardcore fans.
Many antique Hot Wheels can sell for thousands of dollars. While Mattel’s general target audience is children, it seems that this NFT launch is more focused on attracting Hot Wheels collectors.
It is hard to tell whether traditional collectors will attach a similar value to NFTs as they do to physical assets, but it will likely attract new collectors. NFTs provide transparency about the number of NFTs minted and provided one’s careful about scams, there should be little question about whether the collectible is legitimate or not. In addition, the starting price is affordable enough to give most collectors a chance to participate and try to acquire one NFT.
The NFT Offer
The products will include packs of four or ten NFTs featuring an animated iconic design of the brand’s cars. There will be four levels of scarcity, and over 5000 NFTs will be redeemable for a physical version of exclusive Hot Wheels, each collector having around a 5% chance of landing on a special vIRL (virtual + In Real Life) token. Blurring the lines between physical and digital collections and welcoming a traditional element into the launch is likely to invite and entertain both existing and new collectors.
“Hot Wheels is excited to offer limited, unique and sustainable NFTs with our latest Garage of Legends series. Collectors will have a chance to obtain exclusive physical die-casts vehicles and importantly, the NFTs will be minted on the sustainable WAX blockchain,” said Andrew Chan, Head of Digital Gaming at Mattel.
Through the partnership with WAX, potential customers have to create a digital wallet ahead of the launch.
Meanwhile, other entertainment brands have also launched NFTs. The VeVe platform is host to both Spiderman owner Marvel and Batman and Superman owner DC Comics. Although DC Comics also recently provided NFTs as rewards for one of its events on the Palm platform. Star Trek owner ViacomCBS is using the RECUR platform.
