Nostalgia Toys and Collectibles hit new realms of popularity when combined with WAX blockchain technology and are sold as redeemable NFTs.
The thrill of collecting toys, figures, knick-knacks and more is something that has been instilled in us from a very young age. Even as adults, most of us get that spark of wonder when we see the brands we’ve cherished dropping new collections.
Over the last year, the team over at WAX have worked endlessly to streamline a brand-new way for you to collect and trade the things you love.
Toy and collectibles manufacturers have taken note and have gone as far as partnering with WAX to launch their very own NFT collections, offering both virtual and physical items through proprietary vIRL®NFTs.
In fact, three of the largest toy and collectibles companies in the world (Mattel, Hasbro and Funko) have partnered with WAX to produce collectible vIRL NFTs with some astouning results.
Why vIRL® NFTs Are the Future of E-Commerce
So what are vIRL® NFTs and how is this new technology changing the face of eCommerce?
If you’re new to the technology, it’s basically the process of using the WAX blockchain to mint digital collectibles that are linked to real-world items. For example, Funko Pop! in the form of Teenage Mutant Ninja Turtles saw digital trading cards sold in digital packs, and a handful of lucky collectors received a redeemable NFT that when “burned” (redeemed) are replaced with a physical collectible that is shipped directly to a consumer’s door.
These ultra-rare collectibles have become so popular that we’ve seen a queue of 60,000-plus collectors.
vIRLs give you the freedom to collect your way. Maybe you’re feeling generous and want to gift your item to a friend or trade with other collectors. Instead of having to actually ship the item physically, again and again, it’s possible to delay shipment until you or another collector wants to receive it.
Not only does this cut down on the time it takes to move items from collector to collector — but it also helps reduce carbon emissions.
This leads us to Mattel, Hasbro and Funko →>>
Mattel Hot Wheels Collection Hits the Gas
Mattel launched its very first Hot Wheels NFT collection on WAX this week. Hours before launch, more than 67,000 consumers queued up waiting for a chance to score a pack. The sale lasted a mere 38 minutes — with 17,010 packs selling out in a flash.
The vIRL component of the collection is a limited-edition physical diecast that can’t be found anywhere else in the world. Five lucky collectors will pull a Premium or Treasure Hunt card from their packs and will be able to (a) gift them, (b) trade them with other collectors on the secondary market or © redeem them via a special coin that will be dropped into their WAX Cloud Wallets.
One can only surmise the value that one of 5400 Hot Wheel diecasts on earth may have in the coming years.
Funko’s Raging Success
Collectors from all over the world recognize Funko’s adorable vinyl figures with outrageously large heads and teeny-tiny bodies.
Funko hit the vIRL NFT market for the first time in July 2021. The collection was Teenage Mutant Ninja Turtles Digital Pop!, and fans more than loved it. Thousands of them lined up in a queue for a chance to purchase packs. All 30,000 packs sold out in minutes.
The momentum carried over into Funko’s second release, Big Boy Digital Pop! in August. Once again thousands of collectors jumped into the fray and packs sold out so quickly there were still thousands waiting in queue.
Long story short, Funko collectors are serious about NFTs and are hoping for more.
Hasbro’s Power Rangers Goes Megazord
Hasbro Pulse Power Rangers NFTs hit the market in October 2021. In this collection, every single NFT can be redeemed for a physical Zord Ascension Project Special Edition Dino Megazord action figure. This figure cannot be found anywhere else in the world, making it incredibly rare.
The sale was staged on Hasbro’s site, the very first time WAX worked to integrate their NFT minting capabilities within a partner’s e-commerce infrastructure. The collection was made available for a limited time through Hasbro Pulse where members had exclusive access to purchase the collection on HasbroPulse.com while supplies lasted.
Together WAX and Hasbro gave Power Ranger fans an easy and seamless entry point into the world of NFTs and digital collectibles. This is a huge win, as historically collecting NFTs has can be quite complex for both seasoned collectors and newbies alike.
Toy Companies, WAX and the Environment
In the recent past (and for good reason), the topic of the environment and NFTs has been a concern for leading brands and their customers. At WAX, we’ve done everything we can to keep our carbon footprint as low as possible.
Leading brands (including Mattel, Funko and Hasbro) are noticing and have entrusted WAX as both a trusted partner in their best interest to release their collections in the most environmentally friendly manner.
We’ve shared extensive information on our strides to keep WAX carbon-neutral, see full details here.
Going into 2022, WAX is committed to providing the infrastructure and support brands need to launch their own NFT collections. Not only has WAX proven that it has the resources and community to drive success —we’ve also got a few tricks up our sleeves for making sure that brands can reach their most passionate collectors like never before. Stay tuned, more to come.
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