Mattel (NASDAQ:MAT) is reportedly planning to jump into the NFT market with offerings of its Hot Wheels cars and shares of MAT stock are taking a beating on the news.
Here’s everything you need to know about Mattel’s NFT Hot Wheels plans.
- The recent reports say that it will open up bidding on NFTs for three Hot Wheels toys.
- That includes its Twin Mill, Boneshaker, and Deora II cars.
- These are being sold as part of the company’s Hot Wheels NFT Garage Series.
- The bidding is expected to last for one week.
- The winner of the auctions will be able to pay with Ethereum (CCC:ETH-USD).
- If so, that would mark the first time that Mattel has accepted crypto as a form of payment.
- It doesn’t look like Mattel has plans to stop with just its Hot Wheels toys.
- The company reportedly also wants to offer up NFTs of its other brands as well.
- If true, that opens up a massive collection of brands that could get NFTs in the future.
- Some examples of toylines owned by Mattel include Fisher-Price, Barbie, Monster High, Ever After High, Polly Pocket, Enchantimals, Matchbox, Masters of the Universe, American Girl, and Thomas & Friends.
- News that Mattel may be entering the NFT space has shares of MAT stock seeing heavier than normal trading today.
- As of this writing, more than 3 million shares of the stock have changed hands.
- That’s already above the company’s daily average trading volume of 2.3 million shares.
MAT stock was down 4.5% as of noon Thursday but is up 10.2% since the start of the year.
There’s plenty of other stock market news for Friday that investors will want to be aware of.
Fortunately, InvestorPlace has a wide variety of coverage to help traders throughout the day. That includes the latest news concerning cryptos such as Ripple (CCC:XRP-USD) and IRON Titanium Token (CCC:TITAN-USD), as well as why gold stocks are falling today. You can learn all about that at the links below!
More Thursday Stock Market News
- XRP News: Why Ripple Investors Will Be Watching August 31 and October 15 This Year
- TITAN Crypto: 12 Things to Know About Mark Cuban and Iron Finance’s DeFi Plunge
- Gold Price News: Why Is Gold Down Today? GLD, GOLD, GDX, KGC
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.