The toy industry has officially joined the growing world of Non-Fungible Tokens. CNBC reports that Mattel, the makers of Hot Wheels, Barbie, and He-Man, is currently selling off the NFTs of three classic toy cars.
Why would Mattel jump into this new and ever-evolving trend? Richard Dickson, the COO and President of Mattel, argued that Hot Wheels are the ideal NFTs.
“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 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.”
I’m not keen on NFTs right now, but I agree that Hot Wheels are unique works of art. Many iconic car designs have come out over the toy line’s 53 years. Even now, I tend to pass by the car aisle and get a little blast of nostalgia when I see one of those custom car designs being reissued.
When I worked at Target, we had people come in the second we opened to dig through all the Hot Wheel cars looking for specific ones. Imagine offering those people the chance to own the digital design of their favorite car? Yeah, this could go over in a big way.
This week Mattel’s auction for the first three Hot Wheels NFTs kicked off. For the next six days, people can bid on the three following car designs:
- Twin Mill
- Bone Shaker
- Deora II
We found a picture of the trio over at Reddit.
The issue? What is the pillar that keeps an NFT unique and registered? Will Mattel be the one that maintains the records?
The problem with NFTs is who or what is minting and selling them. It’s the Wild West right now. If the party that mints and upkeeps the NFT you’ve purchased goes under, where does that leave the owner? Check out JDSupra for more info on the topic.
Ready to take the plunge? Click here to start bidding on the first Hot Wheels NFTs.
What are your thoughts on the rights to digital versions of toys being sold off and the risks? Let us know in the comments.