Leading toy company Mattel 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 release them for a starting price of $15 starting November 16.
Despite being a toy-like product, Hot Wheels is also a highly collectible brand. It was launched in 1968 with a collection of 16 cars, most of which are among the most valuable Hot Wheels today. The series of each toy car varies in rarity. Some models have been released in exclusive partnership with other popular brands, and some are so rare that collectors believe they were released just for display purposes. Mattel even has a “collectors” website and a destination for Hot Wheels hardcore fans.
Many antique Hot Wheels can sell for thousands of dollars. Although Mattel’s general target audience is children, it seems that this NFT launch is more aimed at attracting Hot Wheels collectors.
It’s hard to say whether traditional collectors will place a similar value on NFTs as they do on physical assets, but it will likely attract new collectors. NFTs provide transparency on the number of NFTs minted and provided you watch out for scams, there should be no doubt as to whether the collectible is legit or not. Moreover, the starting price is affordable enough to give most collectors a chance to participate and try to acquire an 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 rarity and over 5,000 NFTs will be redeemable for an exclusive physical version of Hot Wheels, with each collector having approximately a 5% chance of landing 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 existing and new collectors alike.
“Hot Wheels is thrilled to offer limited, unique, and enduring NFTs with our latest Garage of Legends series. Collectors will have the chance to get exclusive physical die-cast vehicles and most importantly, NFTs will be minted on the durable WAX blockchain,” said Andrew Chan, Head of Digital Games at Mattel.
Thanks to the partnership with WAX, potential customers must create a digital wallet before the launch.
Meanwhile, other entertainment brands have also launched NFTs. The VeVe platform is home to both Marvel, owner of Spiderman, and DC Comics, owner of Batman and Superman. Although DC Comics also recently provided NFTs as a reward for one of its events on the Palm platform. Star Trek owner ViacomCBS uses the RECUR platform.