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Highlights
- NFTs might help the wider cryptoverse gain some positive PR amid a highly subdued phase.
- Hot Wheels is very popular among collectors for its scale model vehicles, and now it has forayed into NFTs.
- Melanie Martinez partnered with marketplace MakersPlace to launch her digital collection of stuffed animals.
Big brands and celebrities’ romance with non-fungible tokens (NFTs) continues to hit headlines. The best-selling female artist, Madonna, auctioned her NFTs on SuperRare two months back. From Snoop Dogg and Coco Gauff to Adidas and Dolce & Gabbana, the NFT world is awash with famous names.
Joining this exhaustive list are Hot Wheels, and Melanie Martinez. Hot Wheels has always been associated closely with collectibles, thanks to its scale model cars, while Melanie Martinez is popular among the youth ever since her appearance on American show ‘The Voice’.
Let us explore these two NFT collections.
1. Hot Wheels NFTs
Hot Wheels is out with its NFT Garage Series 3, built using the blockchain of WAX. The digital collectibles carry the name Get Ready To, and the sale is set to begin on July 8 2022. The assets are in the form of cards representing Cadillac and other models.
Hot Wheels’ enthusiasts can visit Wax's NFT marketplace to become a part of this sale. Hot Wheels is also touting its NFTs as tradable assets, which can bring capital gains to the owners. The company has been selling physical scale model cars for decades, and the new digital design format marks its foray into the emerging blockchain-powered space.
Hot Wheels is defining its NFTs as vIRL, which stands for virtual, and In Real Life, meaning the assets are linked to real world products.
Mattel, the manufacturer of Hot Wheels, also has other hugely popular products including Barbie and UNO. Barbie too has been launched in the NFT space in collaboration with Balmain, a luxury clothing brand.
Also read: What is PARSIQ (PRQ) crypto and why is it up 100% today?
2. Melanie Martinez NFTs
Melanie Martinez entered NFTs even before Madonna. The young singer-songwriter used the services of MakersPlace, a late entrant in the NFT marketplace sector, to launch her digital collectibles.
MakersPlace has listed 11 assets linked to Melanie Martinez. The floor price is mentioned as nearly US$68, as of writing. The collection represents stuffed animals, all in their digital forms. The website of MakersPlace confirms that Melanie Martinez’s collection is yet to invite high bids from collectors. This is similar to the NFTs of Madonna, which could not fetch high prices in auction.
Top NFT sales
Beeple and Pak are the two artists that feature on the top in the NFT world. Their works have sold for millions of dollars in auctions. Separately, digital assets of CryptoPunk and that of other similar projects like BAYC have also fetched high prices in the past.
Bottom line
NFTs are being released by brands and celebrities despite a comparatively rough phase in the wider cryptoverse. Cryptos are trading at heavy losses and some platforms like Vauld and Celsius have even resorted to halting fund withdrawals. In such gloomy times, one can expect new NFTs to bring back some optimism.
Also read: Understanding basics of cryptocurrency taxation in Australia
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