Mattel explores future of toys with new NFT project

Written By Simon Mwebaze

Mattel is no newcomer to the world of NFTs.

In 2021, it was the first toy company to engage with NFTs.  Not so long after, it launched a Hot Wheels collection, and a Barbie collection in collaboration with fashion house Balmain.

While these first two drops seemed more focused on wealthy adult collectors, the new collection is going back to its roots, children.

“We want to be at the forefront of that evolution of toys in both the physical and digital worlds,” Mattel’s President Richard Dickson said. “Our business leads us to wherever the consumer is, and that includes the metaverse and NFTs.”

Mattel will partner with Cryptoys – an NFT platform that uses the Flow blockchain, which is backed by Andreessen Horowitz and Dapper Labs, amongst others.

The partnership will turn Barbie and Hot Wheels into avatar-like digital collectibles to be used in games – a move Mattel’s team hopes will make digital collectibles engaging for kids.

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