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Mattel Joining NFT Market with Its Hot Wheels Digital Collection

UTC by Mercy Tukiya Mutanya · 3 min read
Mattel Joining NFT Market with Its Hot Wheels Digital Collection
Photo: Unsplash

Despite concerns that a crash in the crypto market could adversely affect the NFT market, more artists and brands continue to create NFTs. 

California-based toymaker Mattel is planning to join the NFT craze by holding an auction of digital art pieces portraying its Hot Wheels cars. The company announced on Thursday that it would sell three NFTs on its website beginning June 22.

The auction is expected to include Hot Wheels classics like the Twin Mill, Bone Shaker and Deora II. Beginning June 22 and running for a week, the auction will allow the winner to pay using Ethereum. Outside of Hot Wheels, the toy manufacturer plans to create NFTs of other toy brands in the future.

Mattel President and Chief Operations Officer Richard Dickson revealed:

“Mattel is creating a new way for innovation and artistry to converge in the toy space and will continue to express its brands in the NFT format … Connecting to culture is core to Mattel’s DNA, and as we continually look to innovate, evolving physical product to digital art through NFTs was an obvious next step for Mattel Creations […] Mattel Creations is the perfect platform for us to present limited edition collector products that speak to our incredible fan base as well as attract new fans to our vast portfolio of pop culture brands. Toys as art, and art inspired by toys.”

Despite concerns that a crash in the crypto market could adversely affect the NFT market, more artists and brands continue to create NFTs.

CNN this week announced plans to auction “Moments” of TV history from their archives as NFTs at vault.cnn.com. Vault By CNN: Moments that Changed Us is expected to start in late June and will initially comprise six weekly drops. Moments are expected to revolve around world history, Presidential Elections and stories unique to CNN.

On Tuesday Fox Entertainment also announced a $100M Ethereum-based NFT project. Working with Dan Harmon, the creator of the popular show “Rick and Morty”, Fox hopes to create “the first-ever animated series curated entirely on the blockchain”. The show, titled “Krapopolis”, will feature blockchain content and will premier in 2022.

In partnership with animation studio Bento Box Entertainment, Fox is starting an initiative called Blockchain Creative Labs to be headed by Bento chief Scott Greenberg. The company assured that more news regarding its new NFT venture should be expected in the upcoming weeks.

“Our longstanding relationships within the creative community allow us to harness this technology to bridge together brands and producers with fans in new and interesting ways, and we’re looking forward to seizing this opportunity,” said Greenberg.

Blockchain News, Cryptocurrency news, News
Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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