A passion for innovation and growth inspired Mattel to reimagine their collectibles and bring their world-class IP onchain
Mattel has been a giant in the collectibles space for generations. Their toys and collectibles have been capturing hearts across the world for years, bringing some of the biggest names in entertainment right into our homes. Always looking to innovate, Mattel was eager to dive into the world of NFTs.
When Mattel first began to explore onchain collectibles they found some success, but needed a more bespoke solution for their specific needs. RaribleX answered that call. In April of 2023 we launched Mattel Creations: the first exclusive Mattel marketplace for trading virtual collectibles. Read on to discover Mattel’s unique journey into web3.
Early challenges in the NFT space
Adaptability is everything. A lot of Mattel’s success over the years comes from leveraging new tech to meet their customer’s evolving needs. Guided by their motto “Let’s create what’s next”, Mattel has always paved the way in IP and collectibles.
With more people exploring NFTs each year, Mattel saw an opportunity to create another meaningful experience for their audience.
“We were able to reimagine what was possible for Mattel brands and their intellectual property, in addition to further extending Mattel’s legacy across the ever-changing virtual landscape.”
Mattel’s voyage into the uncharted waters of web3 began with a challenge: How could a toy giant translate its magic into the digital realm?
One of Mattel’s biggest challenges early on was transitioning their audience from physical to digital collecting. Their aim was not necessarily to move people away from physical items, but to broaden their horizons to include digital items too.
“We’ve historically been a toy company focused on selling physical products. So, in the early days of our Virtual Collectibles program, there was an emphasis on transitioning Mattel’s customers from physical toys to digital collectibles.”
To solve this cold-start problem, Mattel crafted a clever solution: they blended virtual and digital assets. Certain rare NFTs were tied to physical, redeemable products, creating a fun and exciting experience that captured both digital and physical collectors. The success of this was clear: the Series 4 Hot Wheels packs sold all 30K in just 12 hours.
Blending physical and digital can be a great way to get new audiences on board to try something new. If you can entice users to make that initial purchase, and win them over with a killer product and smooth experience — you may have just won yourself a new NFT customer.
Why Rarible?
When they first entered the NFT space, Mattel was selling virtual collectibles on third party platforms. They soon found that they had limited control over how their products were sold, and very little opportunity to engage with their customers directly. Something needed to change. Enter: RaribleX.
“We wanted to create our own platform to enhance our customers’ experience, maintain our brand identity, and give us more flexibility over the products we’re creating.”
In order to have the best results for themselves and their customers, Mattel needed their own marketplace. Somewhere they could maintain their brand identity and have full control over their products.
When dreaming up their ideal marketplace, Mattel had two main concerns: it needed to be fun and it needed to be easy to use.
“It was vital for Mattel to create our own Digital Marketplace that delivered a best-in-class user experience for all customers. Partnering with Rarible allowed us to achieve this by building a space that is fast, safe, and most of all, fun.”
Mattel Creations: the RaribleX Marketplace
RaribleX was able to provide just that – a fun, simple buying experience that doesn’t compromise on security. Some key features include:
- Easy onboarding: Mattel Login integration makes it easy for new users to get set up quickly. And with nearly 17,000 unique wallets connected – it’s safe to say that’s working.
- Simplified User Experience (UX): An intuitive interface that’s easy to navigate, coupled with Flow blockchain integration mean that users don’t have to think about the complexities of blockchain.
- Navigation: Easy access to all released collections, and an activity tab showing what other collectors have been after.
The Mattel Creations marketplace offers a seamless experience for all users, whether they are digitally native or the ones new to the world of virtual collectibles.
“Creating a safe and secure portal for our fans to buy and sell their collectibles is always going to be our #1 priority, so working with Rarible to ensure that we meet that need has gone a long way in helping this program thrive and our consumers have the best possible experience.”
Mattel’s web3 journey to date
Entering the NFT space has introduced a whole new audience to the joys of Mattel collectibles. Mattel found that they are now engaging younger consumers who are interested in the web3 space. This is alongside their existing audience of collectors, and on top of general car and tech enthusiasts.
“It’s also allowed us to reach new audiences and tap into a market much different from that of traditional, physical toys.”
And of course, with a wider market, come greater revenue streams. Since the marketplace launched in April 2023, it has generated over 200,000 transactions and grossed nearly $2M GMV.
It’s clear that Mattel has created an NFT product that appeals to many, and the possibilities for growth are endless. There are plenty more “digitally focused” projects in the works, and they are committed to enhancing and improving their existing digital products too.
The ultimate goal for us is to continue to push the boundaries of tech and creativity through new product lines and engage our consumers through fun and positive experiences.
Their RaribleX-powered marketplace gave Mattel the control and adaptability they needed to capture the NFT collectibles market, resulting in over 200,000 transactions and nearly $2M GMV. Looking forward, it’s clear that digital collectibles are set to redefine the landscape of play and collecting. The digital playground is expanding, and Mattel is helping to build it, one NFT at a time.
To learn more about what NFTs can do for your brand, and what RaribleX can do for your business, talk to us.
