Mattel has teamed up with blockchain Wax, offering a new spin on classic collectibles with a physically redeemable, digital Hot Wheels collection.
For over 50 years, Hot Wheels has brought joy to collectors around the globe, with more than 8b die-casts sold, along with a growing number of life-sized designs.
Now, fans of Hot Wheels Unleashed can claim ownership of their cars in both Web3 and real life, thanks to a new partnership between Mattel and blockchain company Wax which has seen the creation of an all-new Hot Wheels NFT Garage Series 3.
Using Wax’s 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 — the garage is based on Mattel’s immensely popular Hot Wheels Unleashed video game.
In the series 1 NFT release, 5,400 limited edition, physical die-cast 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 3, launched globally, offers 10 licensed vehicle models across four different Mini-Collections. The NFTs are available in five rarities — Base, Rare, Premium, NFTH (Treasure Hunt), and 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.
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’re 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 in Web3. In December, Wax partnered with Sony Pictures and AMC Theatres to give away official Spider-man: No Way Home NFTs. Other global brands working with the Wax blockchain include Street Fighter, NASCAR and Atari. At the start of 2022, Wax performed the largest NFT drop in history — one to each of the first 10m Wax accounts registered.
William Quigley, CEO and co-founder at Wax, said: “It’s an honour to be working with Mattel and Hot Wheels to bring the brand’s legacy reputation into the Web3 space once again. With our vIRL technology, fans of Hot Wheels can find new ways to collect and enjoy the 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 on 7th July 2022.