Wax vIRL NFTs bring Hasbro, Mattel, and Funko to the NFT stage
Toy collectibles and action figures have been a central focus for collectors for ages. Tied to popular movie and comics franchises, these often capture the attention of young and old alike. Today, with the rise of the NFT hype companies like Hasbro, Mattel and Funko are turning to digital toy collectibles in the form of blockchain-based tokens.
According to a recent announcement by Wax, one of the leading blockchains for NFT minting and distribution, toy collectibles are going to be the next big hit in the NFT space. Wax has partnered up with the aforementioned brands to create hybrid toy collectibles – ones that exist both in the physical and digital world.
Toy collectibles are a hot commodity
Toy collectibles are a huge niche in the entertainment business. Importantly, they are not only targeted towards the younger generations. Adults are just as prone to experience FOMO and serious collector’s impulse. One of the main driving forces of the toy collectibles industry is rarity, just like with NFTs.
Authentic, rare figurines attract millions of children and adult collectors every year. According to the US Toy Association, in 2020, action figures generated more than $1.66 billion in sales volume. This is a huge market, and the potential it brings to the digital side of collectibles is unmatched.
Collections like Funko POP! and L.O.L Surprise are now brands all on their own, finding different audiences and spawning various entertainment products. The toy collectibles market is booming, and NFTs bring a revolutionary new way for fans to enrich their collections.
Digital collectibles on Wax
Digital collectibles are nothing new, especially since NFTs came to the stage. However, a new trend is emerging, which allows collectors to combine their childhood passion for toy collectibles with the technological advances NFTs bring.
Wax has introduced the vIRL NFT format, which allows collectors to own both the digital and the physical collectible. In essence, vIRL NFTs bring a representation of physical toy collectibles to the blockchain in the form of tokens.
Bringing these collectibles to the blockchain allows for a much easier trading process. Imagine you own a vIRL NFT collectible, but have not redeemed the physical figurine yet. You can easily sell that collectible, in a matter of seconds, without going through the hassle of shipping a physical item to the new owner. Additionally, digital collections are much easier to store and showcase.
Recognizing the potential of digital toy collectibles, several big manufacturers have partnered with Wax to launch blockchain-based collections. Recently, Mattel launched a new Hot Wheels collection of 17,010 NFT packs on Wax. However, 5400 of these packs included a rare limited-edition physical diecast.
Funko has also launched several NFT collections on Wax. According to DappRadar data, in the past week alone, Funko NFT collections on Wax have generated upwards of $40.000 in trading volume.
This is not at all a small contribution to the already established Funko franchise. With a growing number of traders interacting with Funko collectibles, it is clear that demand for the digital version of these funky figurines is growing.
The next frontier for toy collectibles
As more big brands join the NFT space, the concept of digital toy collectibles is going to reach more people. Bringing in tokenized physical collectibles into the mainstream, these companies are looking to revolutionize the way fans perceive value when it comes to collectibles.
The blockchain space is a new frontier for brands like Mattel, Hasbro, and even Funko. However, as NFTs gain popularity, this is the next logical step. Authenticity and originality are the core principles of NFT collectibles. Additionally, the unprecedented flexibility of trading they offer is a huge bonus for collectors.
DappRadar will continue monitoring the digital collectibles sector, as more big names join. If you want to explore more Wax-based collections, check out the DappRadar NFT Rankings. To learn the latest news about NFTs, digital collectibles, and more, follow us on Twitter, and join the official DappRadar Discord channel.