Toy giant Mattel is building out its digital collectibles business through the launch of a non-fungible token marketplace.
First announced earlier this year, Mattel will operate its NFT marketplace on Dapper Labs’ Flow blockchain.
Through Mattel Creations, consumers can acquire digital art tied to classic products such as Hot Wheels and Barbie.
“In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art,” stated Ron Friedman, vice president of the Mattel Future Lab.
Series 4 of the Hot Wheels NFT Garage, set for release on December 15, will be the first offering of Mattel Digital Collectibles to launch on the new marketplace.
“This is the latest evolution of our digital endeavours, and we look forward to sharing more drops soon inspired by some of the world’s favourite Mattel brands,” said Friedman.
Made for mainstream consumers, the Mattel Creations Digital Collectibles Marketplace will not require users to own cryptocurrency to make purchases and will integrate a peer-to-peer trading platform that will allow collectors to trade their digital collectibles between them in early 2023.
“Mattel remains undeterred in our long-term vision to innovate and deliver value to our customers,” Friedman said.
Previous Mattel Hot Wheels NFT releases, which sell in packs and include a voucher for a physical model, have sold out instantly.
“Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds,” said Friedman.
The disruptive Dapper has seen other big brands utilize Flow, including Ticketmaster and major sports leagues.
However, the usually flowing Dapper has ran into some friction recently. Less than one month after picking up not one, but two, awards at BC Tech’s 2022 Technology Impact Awards, the Vancouver web3 darling laid off 22% of staff.
“We know web3 and crypto is the future across a multitude of industries,” wrote Dapper Labs founder and CEO Roham Gharegozlou in a letter in November. “But today’s macroeconomic environment means we aren’t in full control of the timing.”
As predicted, Dapper has certainly been a BC startup to watch.
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