Barbie Owner Mattel Inc. Mulls Issuing NFTs

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.