Mattel, a renowned toy company, is the latest giant to jump on the NFT bandwagon with its own collection. The NFTs are accessible through Mattel's own NFT marketplace, dubbed Mattel Creations.

The move comes as more top companies seek to establish themselves in the metaverse.

According to a company statement, the NFT marketplace is designed for "mainstream consumers," and users don’t have to own crypto to make purchases.

Also, there are plans to integrate a "peer-to-peer trading platform that will allow collectors to trade their digital collectibles between them." However, this integration will take place sometime in early 2023.

The marketplace is built on top of Flow, the blockchain that powers the NBA Top Shot platform.

Mattel focuses on producing goods such as games, dolls, and action figures. The company also owns the intellectual property (IP) rights to brands such as Hot Wheels, UNO, Fisher-Price, Barbie, and Matchbox.

Mattel plans to create NFTs for all these brands and has so far released collections for its Barbie and Hot Wheels franchises. The latter comprises artwork that features 60 cars from top brands such as Aston Martin, McLaren, and many others.

Mattel Hot Wheel NFTs Will Feature Packs Of Seven With Different Levels Of Rairity

The NFTs will be grouped into packs, each consisting of seven hot wheels that go for $25 per pack. And each pack will feature NFTs of varying rarities. The rarest can be redeemed for physical die-cast replicas.

According to Ron Friedman, vice president at Mattel Future Lab, by developing their own NFT platform, the company is able "to translate iconic Mattel IP (intellectual property) into digital art."

He goes on to add that:

"This is the latest evolution of our digital endeavors, and we look forward to sharing more drops soon inspired by some of the world’s favorite Mattel brands."