Mattel reportedly jumps on NFT hype with Scorching Wheels digital collectibles

Mattel offers its own NFT with Hot Wheels Digital Art.

Courtesy: Mattel

Mattel plans to capitalize on the latest cryptocurrency craze by auctioning off its first digital artwork on its Hot Wheels vehicles, the New York Times reported Thursday.

The toy maker will sell three unique digital works of art in the form of NFTs or non-fungible tokens on its Mattel Creations website under its Hot Wheels NFT Garage Series, the Times reported. Sales will include classic Hot Wheels cars: Twin Mill, Boneshaker and Deora II, the report said.

The auction will last a week, the Times reported, and the winner will have the option to pay using the cryptocurrency Ethereum, another first for the company. According to the Times, Mattel is planning NFT auctions for its other toy brands.

NFTs are a type of digital asset designed to track ownership of a virtual item such as online pictures and videos using blockchain technology. NFTs gained popularity along with other digital currencies like Bitcoin earlier this year.

Read more about Mattel’s announcement in the New York Times report.

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