Published on: 15/06/2022

Toy manufacturer Mattel, Nickelodeon to launch NFTs

Iconic toy company Mattel recently announced an NFT partnership with Cryptoys to incorporate its intellectual property into the platform as playable avatars. Meanwhile, kids’ television channel Nickelodeon has also hinted at a 90s-themed NFT collection following a partnership with NFT platform RECUR.

Mattel and Nickelodeon are the newest additions to the NFT bandwagon, joining other companies such as Meta and Microsoft.

While Mattel has yet to reveal any release window, Nickelodeon, on the other hand, has been rumored to plan to launch its NFT collection sometime this summer. Earlier, the television channel posted a tweet teasing its upcoming 90s-themed digital collection. Sadly, the covert announcement was not accepted well by the public.

Mattel partnership with Cryptoys marks another entry to metaverse

Cryptoys is a brainchild of a Miami-based developer, OnChain Studios. Reportedly, among other supporters, the studio is backed by private American capital firm Andreessen Horowitz and CryptoKitties’ creator, Dapper Labs. Both are known for their prominent presence in the metaverse and NFT industry.

Mattel and Cryptoys said they aimed to explore how NFTs can be the “way forward for toys” through the partnership. Additionally, they also wanted to create an opportunity for customers to purchase and play with toys in the digital world.

Mattel president Richard Dickson explained that the company must position itself at the forefront of the next evolution of toys, including the digital and physical worlds. He added that Mattel followed its customers to the digital space in response to the growing demands of digital collectibles and virtual space.

“We need to be on the forefront of that evolution of toys in each the bodily and digital worlds,” Dickson said. “Our enterprise leads us to wherever the buyer is, and that features the metaverse and NFTs.”

Mattel and Cryptoys share a similarity in how they function. Ever since Mattel expressed its interest in NFTs, Cryptoys has been growing tremendously as Mattel’s digital counterpart, producing toys digitally. They ended up as the primary producer in the NFT market.

The launch of Mattel’s property in Cryptoys’ metaverse as playable avatars is not the only thing both parties are planning to do. According to multiple reports, OnChain Studios is planning to develop a pay-to-earn video game featuring Mattel’s IPs.

Before launching Mattel’s IPs, Cryptoys will prioritize the release of its debut NFT collection, which comprises original characters including a cat, a corgi, and a panda.

Nickelodeon partnering with RECUR for NFTs project

Germany-based kids’ television channel Nickelodeon reportedly has been developing its NFT assortments with RECUR. The kids’ channel is famous for quite a number of iconic TV shows, ranging from SpongeBob to iCarly and many others.

However, unlike Mattel and Cryptoys, there is not much that can be made out of Nickelodeon’s supposed NFT’s entry other than potential release date and a 90s-themed collection.

Unfortunately, not long after hinting at a potential NFT release, Nickelodeon’s move was criticized by many. Only a few Twitter users expressed their excitement upon responding to Nickelodeon’s post. Others said they were confused, while many also mocked the idea.