- Mattel will soon auction off its first digital art pieces featuring its Hot Wheels vehicles.
- NFTs, or nonfungible tokens, are a type of digital asset designed to track ownership of a virtual item, such as online pictures and videos.
- Mattel is also planning NFT auctions throughout the year for its other toy brands.
Mattel is planning to take advantage of the latest cryptocurrency craze by auctioning its first digital art pieces featuring its Hot Wheels vehicles.
The toymaker will sell three unique pieces of digital art in the form of NFTs, or nonfungible tokens, on its Mattel Creations website starting June 22, the company said Thursday. The sale will feature classic Hot Wheels cars, such as the Twin Mill, Bone Shaker and Deora II.
The auction will run for one week, and the winner will have the option of paying via the cryptocurrency ethereum, another first for the company with this launch. Mattel also plans to expand its NFT portfolio throughout the year with new creations for its other toy brands.
"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 President and COO Richard Dickson said in a statement.
"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," Dickinson said.
NFTs are a type of digital asset designed to track ownership of a virtual item, such as online pictures and videos, using blockchain technology. NFTs soared in popularity earlier this year along with other digital currencies, like bitcoin.
The New York Times first reported the news of a Mattel NFT.