Mattel Unveils NFT Marketplace Built on Flow Blockchain, MAT Shares Up 2.2%

UTC by Steve Muchoki · 3 min read
Mattel Unveils NFT Marketplace Built on Flow Blockchain, MAT Shares Up 2.2%
Photo: Depositphotos

Mattel NFT marketplace is slated to have high trading volume from play-to-earn GameFi enthusiasts seeking content for their metaverse projects.

Mattel Inc (NASDAQ: MAT) has stamped its commitment to digital art collectibles by launching its NFT marketplace. The global children’s entertainment company has launched Mattel Creations Digital Collectibles Marketplace to complete its existing digital artworks like Hot Wheels. As a result, the company’s stock market closed Thursday trading at $18.11, up 2.2 percent from the day’s opening price.

Mattel NFT Marketplace

The children’s toy company chose Flow blockchain as its desired network to develop its NFT marketplace. Furthermore, the Flow blockchain has a vibrant ecosystem of developers, amounting to over 1,000 active decentralized applications.

Mattel NFT marketplace is slated to have high trading volume from play-to-earn GameFi enthusiasts seeking content for their metaverse projects.

“Mattel is pioneering the future of play, constantly deepening our connection with fans of all ages in both the physical and digital worlds. In launching our own marketplace, we’re able to translate iconic Mattel IP into digital art, engaging directly with our customers and providing a best-in-class user experience,” said Ron Friedman, Vice President at Mattel Future Lab.

Mattel Taps of Blockchain Tech to Widen Business Operations

The company has continued to do well since the onset of the Covid pandemic, with profits per quarter coming in hundreds of millions. According to the third quarter earnings results, Mattel reported a Net Income of $290 million.

Nonetheless, Mattel is still inventing more revenue collection avenues towards the digital economy, which most big corporations are looking into.

“Our Hot Wheels digital collectibles, which are different from most other projects in the space, are built on solid collection dynamics. This creates incredible value for our vibrant collector community using, for example, IRL redemption opportunities to exclusive die-cast cars that they love,” Friedman added.

The company has plans to keep its NFT community active through several engagements. For instance, Mattel announced that holders of Series 4 Premium and NFTH cards will receive a token in their Mattel Creations wallet in March 2023. Interestingly, the NFT holders can then redeem it for a physical die-cast version of the car shown on their NFT.

Blockchain technology is poised to open up most struggling businesses before the Covid pandemic. With the new world order, most traditional companies are fast evolving and developing Web3 products on blockchain technology.

Mattel has used its past prowess to conquer the future through blockchain technology. As such, 15 market strategists surveyed by MarketWatch indicated that Mattel is a strong buy with an average target price of $26.58. Notably, the company has a market capitalization of approximately $6.42 billion with 355.4 million shares outstanding.

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