Non-fungible tokens (NFTs) continue to infiltrate the automotive world. The latest car-centric take on our weird age collectible comes from none other than Hot Wheels. The Mattel brand plans to release a series of NFTs based on its iconic miniature cars, with automakers like Chevrolet and Honda also getting in on the action.
This is actually the second batch of NFT Hot Wheels to be released. The first arrived towards the end of 2021, but did not include the ability to score toys based on “real” cars alongside NFTs. They were based on Hot Wheels own design vehicles, such as the Twin Mill show car. This time around, the virtual set includes cars that exist in real life, such as the Corvette C8.R, Honda Civic Type R, Honda S2000, and a gasser 1955 Chevy Bel Air.
Some lucky buyers of these NFTs will actually receive a virtual token with their purchase that can be redeemed for a physical toy car — Hot Wheels says buyers have a 1 in 27 chance of receiving this token. The official Hot Wheels announcement includes a breakdown of exactly how often they will appear, as well as the different rarity levels of NFTs.
For example, there will be 24 basic models considered to be the most common. When shoppers shell out $25 for a seven-pack NFT, each has a 78.16% chance that it’s one of the base models. Then there are 11 rare models, which only have a 17.91% chance of appearing. Rarity levels increase from there. The rarest is called Show Room, and only 0.14% of them spawn.
In total, there are 184,250 distinct NFTs, comprising 28 models and 43 designs (some cars will have multiple designs, such as a different color or livery). Again, there is a 1 in 27 chance of getting the token redeemable for a physical toy car – at no point in this transaction are you actually purchasing a physical Hot Wheels die-cast model.
Of course, unlike a $30,000 sports sedan or a shard Lamborghini Huracan, a physical Hot Wheels car is something that can usually be had for around $1 and is already highly collectible.
Mattel says they will use the Wax blockchain, which is the only carbon-neutral option when it comes to NFTs. That’s good, because blockchains are incredibly energy-intensive, and Mattel has pledged to make its toy lines completely green by 2030.