Hot Wheels NFTs Launching In November: What Investors And Collectors Should Know

A well-known toy brand is bringing non-fungible tokens to collectors with an upcoming release. Here are the details of the upcoming Hot Wheels NFT Garage.

What Happened: Hot Wheels, a brand from Mattel Inc MAT, is introduing a new NFT series called Hot Wheels NFT Garage.

Series 1 of the collection will launch on Nov. 16. There will be a total of 40 different Hot Wheels NFT designs in the first series.

Four levels of rarity will be offered with Base (74.07% chance), Rare (20.37% chance), Premium (4.94% chance) and NFTH (0.62% chance).

The Rare and Premium cards can be redeemed for physical, special-edition Hot Wheels die-casts.

The NFTs will be sold in four-packs and ten packs to collectors.

“This exciting Hot Wheels NFT Garage – Series 1 launch is another way for fans to collect the most valuable, rare and outrageous artwork from Hot Wheels designed by the team that creates cutting-edge and outrageous die-cast designs,” the company said.

The NFTs launch through a partnership with Wax (The Worldwide Asset eXchange) blockchain. Prices start at $15 for Series 1.

Fans will need to set up a Wax account in order to buy the NFTs.

Related Link: Could Mattel Shares Race Higher With Hot Wheels NFT Launch 

Why It’s Important: The Hot Wheels NFTs are developed by the same team behind the Hot Wheels die-casts.

The NFT collection follows a limited-time auction held by Mattel Creations for NFTs in June.

“Hot Wheels is excited to offer limited, unique and sustainable NFTs with our latest Garage of Legends series,” Mattel Head of Digital Gaming Andrew Chan said.

Hot Wheels have been around for over 50 years and are the No. 1 selling toy in the vehicle category.

Mattel reported third-quarter revenue of $1.76 billion, up 8% year-over-year. Vehicles were cited as a strong performer in North America and international markets. Worldwide vehicle sales were $390 million in the third quarter.

MAT Price Action: Mattel shares were up 1.67% at $20.43 at the time of publication Tuesday morning. Shares have traded between $13.40 and $23.31 over the last 52 weeks.