Mattel has teamed with the world’s leading blockchain, WAX, offering an up-to-date spin on the classic collectibles with a physically redeemable, digital Hot Wheels collection
The leading global children’s entertainment company, and WAX, the carbon-neutral, delegated Proof-of-Stake (DPoS) blockchain that hosts more than 30,000 Decentralized Applications (dApps) and twelve million user accounts, today reveal an all-new Hot Wheels NFT Garage™ Series 3.
The latest series from the world’s leading vehicle franchise will represent fan favorites from Mattel’s immensely popular Hot Wheels Unleashed™ video game.
For over 50 years, Hot Wheels has brought happiness to collectors around the globe, with more than eight billion die-cast models sold to fans, along with a growing number of life-sized designs that car fans of all ages adore.
Now, fans of Hot Wheels Unleashed can claim ownership of their cars in both Web3 and real-life, thanks to WAX’s proprietary vIRL® (virtual in real life) technology — a type of NFT created by WAX in 2018 to represent both physical goods and services in the real world.
In the series 1 NFT release, 5,400 limited edition, physical diecast models were made available for redemption. This technology enables users to separate ownership from possession, helping creators and collectors save on shipping, emissions, and more by removing the carbon footprint incurred from trading physical collectibles in real life.
The Hot Wheels NFT Garage™ series three offers ten licensed vehicle models across four different Mini-Collections. The NFTs are available in five rarities:
- Base
- Rare
- Premium
- NFTH (NFT Hunters)
- Showroom
Users will get the chance to win a Premium or NFTH with each pack, giving them the option to redeem this vIRL® for a physical limited-edition die-cast collectible to add to their physical collections.
Packs of seven collectible NFTs will be priced at $25USD. Fans can purchase up to four packs per credit card transaction. Each of these mini-collections contains between seven and eight different models, with eleven of those models featuring multiple rarities; fans may even find some never-before-seen die-casts to add to their collections.
This latest drive into Web3 comes as part of an ongoing strategy from Mattel to capture both the emerging metaverse and the physical collectibles markets.
“We are thrilled to be partnering up with WAX on the third iteration of the Hot Wheels NFT Garage. Providing collectors an option for physical redemption unlocks the best of both worlds and puts a modern and convenient spin on toy collecting, said Ted Wu, Global Head of Vehicles Design at Mattel. “Hot Wheels has already shown how popular it is with adults and children alike, but now we have a chance to conquer the Web3 arena, and WAX is making that possible.”
WAX’s partnership with Mattel comes amid a surge of brands and companies looking to capitalize upon and tokenize their IP (Intellectual Property) in Web3.
WAX has had tremendous success onboarding major brands into Web3. In December, WAX partnered with Sony Pictures and AMC Theatres to giveaway official Spider-man: No Way Home NFTs. Many other global brands have come to the WAX blockchain, including Street Fighter, NASCAR, and Atari. At the start of 2022, WAX performed the largest NFT drop in history — one to each of the first 10 million WAX accounts registered.
William Quigley, CEO, and co-founder at WAX, said: “It is an honor to be working with Mattel and Hot Wheels to bring their legacy reputation into the Web3 space once again. With our vIRL technology, fans of Hot Wheels can find new ways to collect and enjoy these cars while still having access to the traditional die-cast models they fell in love with in the first place.”
Hot Wheels NFT Garage™ Series 3 packs go on sale July 7. 2022, at 10AM PST/ 1PM EST.
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