A growing interest in nonfungible tokens (NFTs) has seen them gain a lot of application, including the general toy market. For a product in the crypto market that started as a fad, NFTs have continued to gain a lot of momentum.
Currently, nearly all facets of our lives have already been touched by these digital tokens. The popularity of the NFTs has grown by the day as many leading brands and new players aim to integrate them into their businesses.
Nonfungible tokens owe their popularity to their interactive and convenient nature. They not only ease the crypto exchange of physical products but also encourage interaction. Moreover, they have managed to ease the process of validating physical things.
The toy sector has now appreciated the benefits that come with this asset class. The growing investment in the industry proves just that. One notable case in point is the continuing partnership between three premier toy manufacturers and the Worldwide Asset eXchange (WAX).
These partnerships have seen Hasbro, Mattel, and Funko create and issue collectibles using the WAX NFT Marketplace. These three firms are now leveraging the platform’s proprietary vIRL technology to get a strong grip in the nascent collectibles industry.
Lee Jenkins, WAX’s product manager, shared in the excitement:
“vIRL NFTs are the future of commerce, and WAX is starting to see adoption on a massive scale for this exciting new technology.”
What IS In This NFTs Deal?
The eco-friendly blockchain is now supporting the three toymakers in the creation of various NFTs. The firms are at different stages of issuing their collectibles for now. For instance, Mattel introduced their Hot Wheels Garage NFTs on November 16 out of Jay Leno’s garage.
This collection consists of 97,200 NFTs that come in four variations. Taking a look at the lower range you find the Base NFTs. Then comes the Rare NFT type and the top tier consists of Premium and Treasure Hunt NFTs. All holders of the Premium and Treasure Hunt NFTs can exchange their vIRL for a real diecast collectible.
Notably, Hasbro issued a limited edition nonfungible token collection in October 2021. That event went live on its Hasbro Pulse website.
The fans can purchase collectible packs with over four thousand distinct digital assets, and the holders were invited to redeem the assets for real figures. Furthermore, the collection is comprised of figures from Hasbro’s Power Ranger Franchise.
Funko held many Big Boy NFT sales. Their first offer sold out rapidly after over 50 thousand people lined up to buy it first-hand.
A few reasons make WAX an attractive and appealing platform for unveiling digital collectibles, as explained by the team. First, it is scalable. WAX is designed to act as a one-stop shop for everything related to NFTs. Apart from marketplaces, the platform supports decentralized applications (dApps), exchanges, and games.
Secondly, WAX handles huge transaction volumes daily, ranging up to 15 million transactions per day. The exchange has an easy-to-use cloud wallet that smoothens transactions. Furthermore, it has a responsive and passionate team that is at hand to provide any support that the users need.
Since WAX charges no gas fees, there are assured affordable exchanges. To crown all that, the platform is carbon neutral.