Non-fungible tokens (NFTs) continue to infiltrate the automotive world. The latest car-centric spin on the collectible of our strange times comes from none other than Hot Wheels. The Mattel brand plans to release a series of NFTs based on its iconic toy cars, with automakers like Chevrolet and Honda getting in on the action as well.
This is actually the second batch of Hot Wheels NFTs to be released. The first came toward the end of 2021, but did not include the chance to score “real” cars alongside the NFTs. They were based on vehicles of Hot Wheels’ own design, like the Twin Mill show car. This time around, the virtual set includes cars that exist in real life, such as the Corvette C8.R, Honda Civic Type R, Honda S2000, and a 1955 Chevy Bel Air gasser.
Some lucky buyers of these NFTs will actually receive a virtual token with their purchase that can be traded for a physical toy car — Hot Wheels says buyers have a 1-in-27 chance of receiving this token. The official Hot Wheels announcement includes a breakdown of exactly how often they, and the various rarity levels of the NFTs, will appear.
For example, there will be 24 Base models that are considered the most common. When buyers shell out $25 for a seven-pack of NFTs, each one has a 78.16% chance that it’ll be one of the Base models. Then there are 11 Rare models, which only have a 17.91% chance of appearing. The rarity levels increase from there. The rarest is called Show Room, and there’s only a 0.14% of that showing up.
In total, there are 184,250 distinct NFTs, comprising 28 models and 43 designs (some cars will have multiple designs, like a different color or livery). Again, there’s a 1-in-27 chance of getting the token that is redeemable for a physical toy car — at no point in this transaction do you actually buy a physical diecast Hot Wheels model.
Of course, unlike a $30,000 sports sedan or a shard of Lamborghini Huracan, a physical Hot Wheels car is something that can usually be had for about $1 and is already highly collectible.
Mattel says that they will be using the Wax blockchain, which is the only carbon neutral option when it comes to NFTs. That’s good, because blockchains are incredibly energy-intensive, and Mattel has pledged to make their toy lines completely green by 2030.