Mattel, the world-renowned toymaker, is all set to launch NFTs of one of its most popular toys, Hot Wheels. This would allow die-cast car enthusiasts to purchase limited-edition NFTs of their favorite car models. 

The company announced that it would launch its series of NFT collections on the “Mattel Creations” website. This platform creates limited edition NFTs of Mattel’s most popular brands, which include Hot Wheels and Barbie. 

It also provides freedom for artists to use the company’s well-known toys to create inspired designs which are then sold to consumers directly. 

Hot Wheels auction

Mattel will launch an event called “Hot Wheels NFT Garage Sale” which would feature highly immersive art from some of the most popular cars in Hot Wheel’s history. 

From the long list of Hot Wheels’ highly popular car models, Mattel chose three specific cars for its NFT Garage Sale. 

NFT versions of Twin Mill, Deroa II, and Bone Shaker, will be the first cars to roll out in the sale. 

The much-anticipated auction will start on June 22 and the bidding starts at $0.99. A word of warning though. Even with starting bid’s low price, the fact that only one NFT is available for each car model means that the price could certainly jump a thousand-fold or more. 

Bidders who have an Ethereum wallet and tokens are allowed to participate in the bidding. 

Barbie NFT in the works

The company is also planning to turn their other brands such as Barbie and American Girl into NFTs soon. 

Mattel President and COO Richard Dickson shared the company’s reason for its NFT move, he said: “Part of our effort to make Mattel relevant is to make sure that our brands are timeless and timely.” 

Image courtesy of Cointelegraph News/YouTube

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