Dive Brief:
- Mattel is launching a peer-to-peer marketplace on the Mattel Creations Virtual Collectibles Platform on April 27, the company announced on Thursday. The update will allow owners of virtual collectibles to display, trade and sell their assets.
- The company tapped Rarible, a digital collectibles company; Magic, a digital wallet provider; and Flow, a blockchain application company, to create and support the marketplace.
- The Mattel Creations Virtual Collectibles Platform first debuted in November 2022 and offers collectibles based on the company’s brands. To coincide with the peer-to-peer update, Mattel will launch Series 5 of the Hot Wheels NFT Garage.
Dive Insight:
Mattel is advancing its digital collectibles space as other brands and retailers have experimented with virtual good launches and marketplaces.
In March 2022, eBay announced the eBay Vault, a storage facility and digital marketplace for trading cards and other collectibles. A few months later, the company bought KnownOrigin, an NFT marketplace where artists and collectors can make, buy and resell NFTs.
Major brands like Adidas and Nike have also gotten in on the action. In November 2022, Adidas made a product category for virtual gear. That same month, Nike debuted its platform for digital goods where shoppers can collect and collaborate on digital object creations like shoes and jerseys.
As it gets more involved in the non-fungible token craze, Mattel is offering physical perks alongside its digital goods. Collectors of Series 5 of the Hot Wheels NFT Garage, which includes four common, two less common and one rare car, also have a chance at receiving a physical product. Buyers who receive a Premium or Treasure Hunt digital collectible will be eligible to receive a physical die-cast replica.
“When we first set out to launch our own Virtual Collectibles Platform, we did so with the intention of creating an unrivaled, best-in-class experience for the fans of Mattel’s iconic brands,” Ron Friedman, vice president at Mattel Future Lab, said in a statement. “In adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step toward realizing that vision.”
Aside from its experimentation with digital goods, Mattel has extended its subsidiary brands into new domains. This week the company announced a collaboration with Gap to release a collection of skirts, T-shirts, logo hoodies, and other clothing and accessories inspired by the Barbie brand. With the upcoming release of the live-action Barbie movie, the company could garner more significant interest in its subsidiary brand from enthusiasts and other fans.
