The legendary toymaker is partnering with global blockchain leader, WAX, offering a modern take on classic collectibles with a physically tradable digital Hot Wheels collection.
For more than 50 years, Hot Wheels has been delighting collectors around the world, with more than 8 billion die-cast models sold to fans, plus a growing number of life-size models that car fans of all ages love .
Now, Hot Wheels Unleashed fans can claim ownership of their cars both on Web3 and in real life, thanks to WAX’s exclusive vIRL® (virtual in real life) technology – a type of NFT created by WAX in 2018 to represent both physical goods and services in the real world.
In the NFT version of Series 1, 5,400 limited edition die-cast physical models were made available for trade. This technology allows users to separate ownership from possession, helping creators and collectors save on shipping, emissions, etc., by removing the carbon footprint created by trading physical collectibles in the real life.
The Series 3 Hot Wheels NFT Garage™ features ten licensed vehicle models in four different mini-collections. NFTs come in five rarities – Base, Rare, Premium, NFTH (Treasure Hunt), and Showroom.
Users will have the chance to earn a Premium or NFTH with each pack, giving them the opportunity to redeem this vIRL® for a limited edition physical die-cast collectible to add to their physical collections.
Collectible seven-pack NFTs will be priced at $25. Fans can purchase up to four packs per credit card transaction. Each of these mini-collections contains between seven and eight different models, with 11 of these models featuring multiple rarities; fans can even find never-before-seen diecasts to add to their collections.
This latest move to Web3 is part of Mattel’s ongoing strategy to capture both the emerging metaverse and physical collectibles markets.
“We’re thrilled to partner with WAX for the third version of the Hot Wheels NFT Garage. Offering collectors a physical buyout option unlocks the best of both worlds and puts a modern, practical spin on toy collecting,” said Ted Wu. , Global Head of Vehicle Design at Mattel, “Hot Wheels has already shown how popular it is with adults and kids alike, but now we have a chance to conquer the Web3 arena, and WAX is making it possible.”
WAX’s partnership with Mattel comes amid a wave of brands and companies seeking to capitalize and symbolize their intellectual property in Web3.
William Quigley, CEO and Co-Founder of WAX, said, “It is an honor to work with Mattel and Hot Wheels to bring their legacy reputation back into the Web3 space. With our vIRL technology, Hot Wheels fans can find new ways to collect and enjoy these cars while still having access to the traditional die-cast models they fell in love with in the first place.
Hot Wheels NFT Garage™ Series 3 bundles go on sale July 7, 2022, 10:00 AM PST/1:00 PM EST.
About Hot Wheels
As a 54-year-old brand more relevant today than ever, Hot Wheels is the world’s premier vehicle franchise that represents and unites all segments of automotive culture. For decades, Hot Wheels has proven its influence in automotive and pop culture with legendary design and epic performance. Through unprecedented collaborations with world leaders in streetwear, fashion, luxury, entertainment, action sports and motorsports, Hot Wheels is the world’s best-selling toy with more than 8 billion vehicles sold. The brand engages fans of all generations through immersive live events, global competitions, theme park attractions, world-class digital games, consumer products, and film and television content.
About Mattel, Inc.
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