Move on, Nyan Cat. Mattel is the latest creator to jump on the hottest cryptocurrency craze as it sells its first digital art featuring its Hot Wheels vehicles.
On Tuesday, the toy maker will be offering three pieces of digital art in non-fungible token, or NFT, form for auction on its Mattel Creations website as part of its Hot Wheels NFT Garage series. Unique works will include classic cars from his archives: Twin Mill, Bone Shaker and Deora II.
The auction will last for a week, and in another first for Mattel, the winner will be allowed to pay in Ethereum, a cryptocurrency.
The company said it is planning NFT auctions for its other toy brands. “Mattel is creating a new way for innovation and art to converge in the toy space and will continue to express its brands in the NFT format,” he said in a statement.
The move is part of an evolution of physical toys as collectable art, 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 timely,” he said. “We need to be aware of the ongoing conversations. “
CNN also launched into the NFT game on Monday, announcing that it would be selling digital moments from its TV archives in a series called Vault by CNN.
NFTs are based on blockchain technology, similar to computer code that makes many cryptocurrencies possible. They have become popular in the art world because they allow artists to have more control over their works by selling limited edition digital products directly to consumers. But critics say the market could collapse if cryptocurrencies tumble.
With his announcement, Mattel joins other unlikely creators in selling NFT, including the National Basketball Association, “Disaster Girl” and even the New York Times.