Mattel has announced an upgrade to its Mattel Creations NFT platform, which will include the addition of a peer-to-peer (P2P) marketplace for virtual collectibles.
As a result of the update, holders of Mattel virtual collectibles will be able to display and trade their NFTs directly on the marketplace.
The P2P platform was created in partnership with Flow, a fast and scalable blockchain built to support consumer-scale decentralized apps, NFTs, DeFi, DAOs, and more, as well as Magic, a leading self-custody wallet.
The marketplace is scheduled to go live on April 27 and will be powered by Rarible, a well-known virtual collectibles company.
The launch will coincide with the release of Series 5 of the Hot Wheels NFT Garage, a collection of some of the most popular Hot Wheels car designs. It will feature 40 one-of-a-kind automobiles from Porsche, Pagani, Aston Martin, McLaren, and Chevrolet, each priced at $25.
Mattel first announced the debut of its NFT platform and the first collection — Series 4 of the Hot Wheels NFT Garage — in November 2022, making it the first toy company to do so.
Mattel has also been involved in other Web3 efforts and partnerships. In October 2022, the company teamed with Toekenz Collectibles, a family-focused and child-safe marketplace, to distribute some of its most known brands and characters as digital collectibles.