Mattel will auction off its first pieces of digital art featuring its Hot Wheels vehicles to capitalize on the cryptocurrency boom.
Toymaker Mattel will launch its Mattel Creations website on June 22 and sell three unique pieces of digital art in the form of NFTs, or nonfungible tokens. A variety of classic Hot Wheels vehicles will be available, including the Twin Mill, Bone Shaker, and Deora II.
Auctions will run for a week, and winners can choose to pay with cryptocurrency ethereum, another first for this start-up. Additionally, Mattel will create new toys for its other brands during the course of the year for its NFT portfolio.
Mattel’s DNA is rooted in connecting with culture and, as part of its continuous innovation initiatives, transforming physical products into digital art through NFTs was an obvious next step”, Mattel Chairman and CEO Richard Dickson said in a statement.
Our vast portfolio of pop culture brands will be perfectly complemented by a line of limited edition collector products presented by Mattel Creations, which will appeal to our enormous fan base and draw in new followers. Dickinson referred to toys as art and art that was influenced by toys.
A NFT is a type of digital asset like an online picture or video that can be tracked through the use of blockchain technology as ownership of the item. In early 2014, NFTs reached a new high in popularity along with the rise of other digital currencies.