Mattel's First Edition Hot Wheels NFT Assets are Bought with Crypto
Laura McQuarrie — June 18, 2021 — Life-Stages
References: nft.mattelcreations & designtaxi
The world of collectibles is changing thanks to digital assets like NFTs and Mattel is getting in on the action by releasing its first Hot Wheels NFT digital artworks. The designs are modeled after three Hot Wheel cars: Twin Mill, Bone Shaker and Deora II, and bids for these virtual collectibles will start at just 99 cents per car. Buyers will be able to purchase the digital assets with Ethereum and as such, Mattel aims to reach "a new collector customer base who expect cryptocurrency as a purchase option."
The virtual toy car collectibles are faithful to the original and authentic designs yet they offer a new way for fans to collect and trade the iconic toys.
The virtual toy car collectibles are faithful to the original and authentic designs yet they offer a new way for fans to collect and trade the iconic toys.
Trend Themes
1. Virtual Toy Car Collectibles - The trend of creating virtual collectibles for traditional toys presents an opportunity for companies to expand their customer base with millennial and Gen Z collectors.
2. Nft-based Digital Artworks - The increasing popularity of NFT-based digital artworks opens up new revenue streams for companies that have established intellectual property, as well as artists and creators who want to monetize their work.
3. Cryptocurrency Payment Options - The adoption of cryptocurrency payment options by companies can attract tech-savvy customers and also provide an opportunity to tap into an emerging financial market.
Industry Implications
1. Toy Manufacturing Industry - Toy manufacturers can explore the opportunities presented by virtual collectibles, such as creating digital versions of their products and leveraging blockchain technology for enhanced security and authentication.
2. Art Industry - The art industry can leverage the popularity of NFT-based digital artworks to create new channels of revenue and engage with a younger, tech-literate audience.
3. Payment Processing Industry - Companies in the payment processing industry can offer cryptocurrency payment options, providing a competitive edge in an evolving market while also enhancing security and reducing transaction fees.
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