Mattel Is Bringing Hot Wheels to the Metaverse With Cryptoys

Mattel, the company behind Hot Wheels, is teaming up with OnChain Studios to create playable NFTs for a platform called Cryptoys on the Flow blockchain.

"Today I'm very excited to announce a new partnership between Cryptoys and Mattel to usher in a while new era for the world of toys," OnChain Studios CEO Will Weinraub said on Twitter. "We're got some amazing things in the works that we can't wait to share with you all."

Both Cryptoys and Mattel NFTs will launch this summer. Cryptoys are expected to be customizable blockchain collectibles that can be equipped with accessories like hats, shoes, and more. 

The partnership also includes an "expansive and playable" metaverse, according to Mattel's press release.

"We see incredible opportunity in the metaverse for our cherished brands and iconic IP," Richard Dickson, the company's president and COO, said. 

Mattel has already introduced its iconic IP to the web3 world with its Barbie and Balmain collaboration earlier this year and its Hot Wheels NFT release on Wax blockchain in 2021.

The partnership with OnChain Studios and Cryptoys will likely see Mattel's IP turned into playable NFT avatars and vehicles in the new metaverse.

Mattel creates toys for Barbie, Hot Wheels, Fisher-Price, American Girl, UNO, World Wrestling Entertainment (WWE), Jurassic World, and more.

Flow blockchain is most well known for hosting NBA Top Shot, the popular basketball card NFT collectible platform.