- Mattel will soon auction off its first digital art pieces featuring its Hot Wheels vehicles, The New York Times reported Thursday.
- NFTs, or non-fungible tokens, are a type of digital asset designed to track ownership of a virtual item, such as online pictures and videos.
- Mattel is also planning NFT auctions for its other toy brands, the Times reported.
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Mattel is planning to take advantage of the latest cryptocurrency craze by auctioning off its first digital art pieces featuring its Hot Wheels vehicles, The New York Times reported on Thursday.
The toymaker will sell three unique pieces of digital art in the form of NFTs, or non-fungible tokens, on its Mattel Creations website under its Hot Wheels NFT Garage Series, the Times reported. The sale will feature classic Hot Wheels cars: Twin Mill, Boneshaker and Deora II, the report said.
The auction will run for a week, the Times reported, and the winner will have the option of paying via the cryptocurrency ethereum, another first for the company. According to the Times, Mattel is planning NFT auctions for its other toy brands.
Mattel didn't immediately respond to a request for comment.
NFTs are a type of digital asset designed to track ownership of a virtual item, such as online pictures and videos, using blockchain technology. NFTs soared in popularity earlier this year along with other digital currencies, like bitcoin.
Read more about Mattel's announcement in The New York Times' report.
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