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Mattel reportedly jumps on NFT hype with Hot Wheels digital collectibles

IDBS ART GALLERY

Mattel offers own NFT with Hot Wheels digital art.

Courtesy: Mattel

Mattel is planning to take advantage of the latest cryptocurrency craze by auctioning off its first digital art pieces featuring its Hot Wheels vehicles, The New York Times reported on Thursday.

According to the New York Times, the toymaker will sell three unique pieces of digital art in the form of NFTs, or non-fungible tokens, on its Mattel Creations website under the Hot Wheels NFT Garage Series. According to the report, the sale will include classic Hot Wheels vehicles such as Twin Mill, Boneshaker, and Deora II.

According to the Times, the auction will last a week, and the winner will have the option of paying with the cryptocurrency ethereum, which is another first for the company. Mattel is planning NFT auctions for its other toy brands, according to the Times.

Mattel did not respond immediately to a request for comment.

NFTs are a type of digital asset that uses blockchain technology to track ownership of a virtual item, such as online photos and videos. NFTs gained popularity earlier this year, alongside other digital currencies such as bitcoin.

Read more about Mattel’s announcement in The New York Times’ report.

source-cnbc

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