Toy manufacturer Mattel will dive into NFT collectibles with their Hot Wheels car franchise. According to a an official press release the first digital art pieces featuring Hot Wheels will launch soon, while more toy brands will follow later in the year.
The first NFTs by Mattel will feature three unique vehicles, each part of the Hot Wheels NFT Garage Series. These three are the first generation, suggesting there’s more to come from the Hot Wheels series. They will sell them on the Mattel Creations website on June 22nd. Yes, that’s next Thursday.
The auctions will run for a week. Bids can happen using ether (ETH). Starting price has been set to $99. Keep in mind there will only be literally three NFTs, not multiple editions. June one per car.
For those with a passion for Hot Wheels, it’s probably fun to know that the first NFTs will depict the Twin Mill, Bone Shaker and Deora II. For now there are no plans to use the NFTs in for example mobile games, which is a missed chance in my book.
It’s not the first time we see toy companies or collectible companies jumping onto the NFT bandwagon, and it probably won’t be the last either. In April we already reported that Hasbro has its eyes on NFTs. They own brands like Magic The Gathering and Transformers. In addition Funko, the company behind the vinyl toy collectibles, has moved into the NFT space on the Wax blockchain.
What are NFTs?
An NFT is basically a digital thing that you actually own. Something that you can trade, sell, use, or in case of the Lindsay Lohan NFT… burn. NFT is the abbreviation for non-fungible tokens, which are tokens that signify ownership over unique digital assets. These assets can for example be items in a game, crypto art, or digital collectibles. In addition it could also be a ticket for a cinema or perhaps a subscription for public transit. The usability of NFTs doesn’t end with gaming, it only starts there.
A non-fungible token can’t be swapped one-on-one with another non-fungible token. It represents something unique. That’s why non-fungible tokens can be best compared with rare art, an owned house or a signed mint edition of a certain comic book. These products are unique and in the same way a non-fungible token is unique as well. This gives non-fungible tokens also an unique value that only represents that one specific token. A deeper explanation about NFTs is something you can find here.