Beyond Barbie: Mattel’s Foray into NFTs & Future Plans

Barbie has been in the spotlight as of late, and not just for its star-studded cast or the movie, but for Margot Robbie, known for her iconic portrayal of Barbie, alluding Bitcoin (BTC) to “Big Ken Energy".

Although she has kept her views on BTC and cryptocurrency relatively private. However, it is worth noting that Mattel, the parent company of Barbie, has been an enthusiastic proponent of blockchain technology as a burgeoning source of revenue for its brands.

Lisa McKnight, Mattel's Global Head of Barbie, highlighted the company's ongoing efforts to align Barbie with contemporary culture through significant modernisation initiatives. This includes venturing into the world of NFTs (non-fungible tokens) as part of recent merchandising innovations.

Leading Up to Barbie’s Release, Mattel Launched NFTs Inspired by the Iconic Doll and More
In the lead-up to the theatrical release of Barbie, Mattel took a bold step by launching a collection of themed NFTs inspired by the iconic doll. Collaborating with Boss Beauties, a women-led crypto media brand, Mattel aimed to empower women and collectors to venture into the realm of Web3 through this unique NFT drop.

“As Barbie continues her journey in the metaverse, we are proud to partner with Boss Beauties to empower women and collectors to explore Web3 through our virtual collection,” Lisa McKnight, Mattel’s Global Head of Barbie and Dolls, said in a statement.

These innovative NFTs celebrate Barbie's rich history of embarking on diverse careers ever since her introduction to the world in 1959. Aptly named "Boss Beauties x Barbie," this collection showcased NFTs designed in Boss Beauties' distinctive style, each paying homage to the impressive repertoire of 250 careers embodied by Barbie.

Notably, this is not Mattel's first foray into the NFT landscape. In the past, they teamed up with the renowned French fashion house Balmain to bring Barbie NFTs to the market.

The company also previously released a line of Cryptoys last summer.

Mattel's ambitions in the blockchain space are undeniably substantial, as evidenced by the launch of its marketplace on the Flow blockchain this April. This marketplace empowers users to directly trade Mattel NFTs with one another, generating profits in the form of cryptocurrencies. While currently focused on integrating NFTs with iconic properties like Barbie and Hot Wheels, Mattel has grand plans to extend this venture across its extensive brand portfolio.

Furthermore, the company's commitment to exploring NFT opportunities aligns with its broader strategic vision, evident in the confirmation of 45 film projects based on Mattel toys. The fate of these ambitious ventures reportedly hinges on the performance of "Barbie," which marks Mattel's inaugural major film production.

Mattel's venture into the NFT market mirrors the paths taken by several other prominent toy companies, including Disney, Walmart, Hasbro, and Toys R Us, all of which have introduced their own NFT products in the last three years.

As NFTs continue to gain traction as a novel and disruptive force in various industries, we are left wondering about their potential implications for the future of toys and entertainment. How might NFTs revolutionise the concept of toy ownership and play for children and collectors alike?