Today NFT has permeated every aspect of our lives since they are convenient, authentic, and interactive in nature. They have encouraged interaction as NFTs can leverage and build on the success of other NFTs, making the exchange of physical products and the process of authenticating physical things easier.
Evidence of growing investment in the toy industry has shown that toymakers are also beginning to appreciate the market as they have started to integrate NFTs into their business. The ongoing collaboration between the Worldwide Asset eXchange (WAX) and the three foremost toy manufacturers succinctly illustrates this point. Due to these collaborations, toy manufacturers like Funko (NASDAQ:FNKO), Mattel (NASDAQ:MAT), and Hasbro (NASDAQ:HAS) have developed and issued collectibles through the WAX NFT Marketplace.
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The three companies build on the platform's proprietary vIRL technology to amass a strong presence in the thriving collectibles sector. According to Lee Jenkins, WAX's product manager, who is excited about this great feat, "vIRL NFTs are the future of commerce, and WAX is starting to see adoption on a massive scale for this exciting new technology."
The three toymakers have received support from the eco-friendly blockchain in creating their NFTs as the companies are at different stages of launching their collectibles at the moment. For instance, Mattel issued their Hot Wheels Garage NFTs on the 16th of November out of Jay Leno's garage, and this collection comprises 97,200 NFTs, which come in four variations. At the lower level are the Base NFTs followed by the RARE type, and lastly, the top tier consists of Premium and Treasure Hunt NFTs. Holders of Premium and Treasure Hunt NFTs have the privilege of swapping their vIRL for a non-fictitious diecast collectible. In October, Hasbro also launched a limited edition NFT, and this event went live on its Hasbro Pulse Site. Fans had the opportunity to purchase more than 4000 distinct digital assets, and the holders had the opportunity to redeem them for actual figures.