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Mattel to launch new NFT projects, explore future of toys
Toy brand Mattel will turn its iconic intellectual property, such as Barbie and Hot Wheels, into avatar-like digital collectibles for use in games in a partnership with the non-fungible token (NFT) platform Cryptoys.
The developments show that NFTs are becoming more popular as children's entertainment products.
Using the Flow blockchain, Cryptoy is targeting the casual web game sector as opposed to a fully immersive 3D metaverse experience.
Mattel and Cryptoys want to see how NFTs can be used to build the "future of toys," where users can buy a virtual Barbie to play within a game.
According to Mattel’s president, Richard Dickson, their business leads them to wherever the consumer is, including the metaverse and NFTs.”
Mattel first expressed interest in NFTs in April 2021, and it became the first toy company to mint them in June. It released a Hot Wheels collection in November, followed by a luxury digital collection of Barbie NFTs in collaboration with fashion house Balmain.
The next two drops, Hot Wheels and Barbie's appeared to be aimed at wealthy collectors rather than children. This partnership with Cryptoys brings the conversation back to how digital collectibles can be engaging for kids or a preferential form of online play for parents.