Go over, Nyan Cat. Mattel is the latest creator to jump on the hottest trend in cryptocurrency when they put their first digital art on sale with their Hot Wheels vehicles.
On Tuesday, the toy maker will be auctioning three digital works of art in the form of non-fungible tokens or NFTs on its Mattel Creations website as part of its Hot Wheels NFT Garage Series. The unique work will show classics from his archive: Twin Mill, Boneshaker and Deora II.
The auction runs for a week, and in another premiere for Mattel, the winner gets to pay in Ethereum, a cryptocurrency.
The company said it plans NFT auctions for its other toy brands. “Mattel is creating a new way for innovation and craftsmanship to come together in the toy space and will continue to express its brands in NFT format,” said a statement.
The move is part of a collection of physical toys, said Richard Dickson, the company’s president and chief operating officer, in an interview.
“Part of our effort to make Mattel relevant is making sure our brands are timeless and contemporary,” he said. “We have to be informed about current discussions.”
NFTs are based on blockchain technology, similar to the computer code that enables many cryptocurrencies. They have become popular in the art world because they allow artists to have more control over their work by selling limited edition digital goods directly to consumers. However, critics say the market could crash if cryptocurrencies fall.
With its announcement, Mattel joins other unusual creators in the sale of NFTs, including the National Basketball Association, Disaster Girl, and even the New York Times.