A new Hot Wheels non-fungible token (NFT) collection will allow fans of the die-cast cars to buy limited-edition art based on their favorite models.
Multinational toymaker Mattel has announced the launch of an NFT art collection to be auctioned on its Mattel Creations website. The Creations platform allows each Mattel brand to create limited-edition, specialty items that celebrate the toymaker’s intellectual property. Basically, it’s a platform used by artists to use classic toys to create new and inspired designs that are sold directly to consumers.
Mattel auctioning off a trio of classic models
The auction will be part of Mattel’s Hot Wheels NFT Garage Series and feature unique art from classic cars from the company’s history.
For the launch of the NFT Garage Series, Mattel has chosen three iconic cars from their vast catalog of previous offerings. Digital facsimiles of the Twin Mill, Bone Shaker, and Deroa II are the first to be sold. The Twin Mill was designed in 1968 as a sleek racer with twin big-block engines. The Bone Shaker is a hot-rod-style machine with a skull and bones theme. Finally, the Deroa II represents one of the original 16 cars Mattel released. The model has a bubble windshield, an engine in the back, and a pair of surfboards. All three are offered in their original colors from the initial release.
The auction will run for a week starting on June 22 and bidding starts at $0.99. Despite the low starting bid, don’t expect these to be as easy to get as a die-cast model from your local hobby shop. With only one NFT of each car being created, supplies are limited and prices could shoot through the roof. Bids and payments must be made by Ethereum.
Mattel planning to create more NFT collections
Mattel also stated that it was already in the planning stages to release similar NFT auctions for other intellectual properties such as Barbie and American Girl. The release states that “Mattel is creating a new way for innovation and artistry to converge in the toy space and will continue to express its brands in the NFT format.”
CEO Richard Dickson stated that the move is part of Mattel’s effort to remain relevant by evolving toys into digital art. “Part of our effort to make Mattel relevant is to make sure that our brands are timeless and timely,” he said. “We need to be on top of current conversations.”