The Hot Wheels NFT Garage Series 1 collection will come to the Wax blockchain on November 13th. The NFTs will go for sale during the Hot Wheels Legends Global Grand Finale, and they will come in two different packs. The collection features the option to redeem an NFT for a physical collectible.
Normally Hot Wheels launches physical toy cars, but this time around they will introduce digital collectibles. NFTs based on classic designs from the Hot Wheels collections will be released in 4 different rarities: base (74.07% chance), rare (20.37% chance), premium (4.94%) and treasure hunt (0.62%).
Both the premium and treasure hunt NFT rarities allow the NFT owner to redeem it for a physical collectible. There will be a special web page where users can burn their NFT in exchange for a collectible toy. They didn’t unveil yet what the difference is between the premium and treasure hunt rarities in terms of toy redemption.
Two packs will go for sale: a 4-pack and a 10-pack, for respectively $15 and $35. There are 12.150 4-packs and 4860 10-packs available. This sale requires a credit card and a Wax Cloud Wallet account. Every transaction has a limitation of 2 packs of each type. However, every user can make multiple transactions.
The very first NFT collection
To be fair, these aren’t the very first NFTs by Hot Wheels. In June Mattel already announced their NFT plans, and they tested the water by releasing 3 NFT toy cars through an auction. These were unique NFTs without multiple editions, and they were sold on the Ethereum blockchain.
These three NFTs sold for 4 ETH, 1.77 ETH and 3 ETH. Only one of these is now available for sale, with a speculative asking price of 500 ETH or $2.1 million.