Toy brands Barbie and Hot Wheels owner Mattel Inc. is joining the NFT bandwagon.
Mattel Considering Issuing NFT
The non-fungible token (NFT) fever is showing no signs of simmering down as according to a recent report by Ledger Insights, Mattel – the parent company of popular toy brands such as Barbie and Hot Wheels – is considering exploring NFTs as part of branding strategy.
Replying to a question during the company’s Q1 2021 earnings call, Ynon Kreiz, CEO, Mattel noted:
“This is definitely an area where we see opportunity, especially when you think about the built-in fan base, the collector segment for classic evergreen brands that we own and we expect to see opportunities there.”
Via NFTs, Mattel is looking into tapping the budding NFT market which recently witnessed a steep surge in demand courtesy of numerous high-profile NFT auctions.
For instance, famous rock music band Kings of Leon recently released its latest studio album in the form of an NFT. Similarly, Beeple sold his art in the form of an NFT for a whopping $69 million at the time.
For the uninitiated, Mattel’s target audience primarily comprises children. While it is typically the parents that make the decision to buy any toy for their kids, children are essentially the ones that have an interest in the product. Should children get into NFTs at an early age, it would lead to the creation of a generation where NFTs not only become mainstream but also a part of everyone’s lives.
A comparison can be drawn with McDonald’s and its famed Happy Meals. Regardless of the fact if someone is a fan of McDonald’s, the vast majority of children love McDonald’s and its Happy Meals that include toy giveaways.
NFT Adoption Continues to Grow
Close followers of the cryptocurrency industry remember the recent NFT euphoria that firmly established its grip over the wider digital asset market.
As reported by BTCManager on March 6, Twitter CEO Jack Dorsey minted the first-ever tweet ever posted on Twitter on Ethereum-run NFT platform Cent.
In similar news, BTCManager reported that the NFT platform Ethernity would release Pele NFTs on May 2, 2021.