Hot Wheels were always designed with an eye on collecting even before “COLLECTING” became the massive industry it is now. Sure, they were sold as toys for kids to race down orange track and crash and bash around… but the packaging actually said “Collector’s Button” on it. They were way ahead of their time.
As a hobby and as an industry, diecast collecting is a multi-billion dollar business. But there is change on the horizon.
Mattel is venturing into the realm of digital collecting with the opening of the Hot Wheels NFT Garage. It’s a marketplace for folks to buy and sell digital collectibles based on some of their favorite collectibles. If that’s confusing, don’t worry. But the images are worth a look.
Two challenges of the NFT industry… What are they, and how does this cryptocurrency thing work? Fair questions for those who are new to the game, which is really most of us. First of all, an NFT is THE one, single, authorized version of a digital image or video. It goes up for sale at a set price or at auction, and the winner owns it. Someone might buy it to enjoy or as an investment.Â
If you can wrap your brain around that, good.Â
The next challenge is cryptocurrency. What is it, and how does it work? Sadly, that’s not for us to explain. But basically, it’s a digital currency that is required to buy or sell NFTs.
If it’s not for you, that’s okay. The rarest Hot Wheels car of all time probably won’t raise an eyebrow to someone who collects Faberge Eggs and vice versa. But within a certain market, this is kind of a big deal. NFTs work the same way. But if you see the future of collecting as a digital world, you might want to get on this virtual orange track.