TL;DR Breakdown
• Mattel is the latest company to adopt the latest trends in digital currencies.
• The company will offer three digital arts in non-fungible tokens (NFT).
Mattel is an American company famous worldwide, which has now dived into the crypto world. Mattel releases its first digital art featuring Hot Wheels vehicles.
On Tuesday, the company will offer three digital art pieces in non-expendable tokens (NFTs) that will be auctioned on the brand’s official website as part of the Hot Wheels NTF Garage series. Unique works have featured classic cars from his archive: Twin Mill, Deora II, and Bone Shaker. All have been popular like other toys distributed worldwide.
Three digital arts in Mattel tokens
The auction of these tokens will last a week, and the winner can pay in Ethereum. This cryptocurrency is the second most traded in the world. The company has also commented that it is planning an NFT auction for other toy brands.
In a statement, the company has expressed that they would continue to pronounce the brand in NFT format, creating new ways where art and innovation converge in the toys world.
Richard Dickson, president and COO of the company, said that the measure is an essential part of physical toys’ evolution as collectibles.
He also added that all these efforts are made to make the brand more relevant and to ensure that the company is timeless, effective, and timely. Richard Dickson emphasizes that the company needs to stay on top of the conversation and stay current in the crypto world.
Cryptocurrencies have become popular in the market
Mattel is an American company founded in 1945 and dedicated to the manufacture and distribution of toys. Harold Matson and Eliot Handler founded this brand. Among the most popular toys of this brand are Barbie, Moster High, Hot Wheels, Max Steel, among many more.
Hot Wheels is one of the car brands of this United States firm and was released in 1968. These cars stand out for their excellent designs and for being collector cars.
NFTs are based on blockchain technology, which is the computer code used by many of the cryptocurrencies. NFTs have become famous in the art world to sell limited edition digital products directly to consumers. This project gives artists more control over their work. But critics claim that if digital currencies suffer a crash, the market could also crash, representing a risk.
With this announcement, Mattel meets other creators selling NFT, including the National Basketball Association, The New York Times, and Disaster Girl.
The toy manufacturer has entered the cryptocurrency world and would launch a unique and innovative art that will increase its profits.
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