Mattel Gains New Revenue Source From Hot Wheels NFT Collection

Nov. 23, 2021 4:27 PM ETMattel, Inc. (MAT)WAX-USD3 Comments
Alan Sumler profile picture
Alan Sumler
920 Followers

Summary

  • Mattel entered the NFT arena with its own digital NFT Hot Wheels collection.
  • The NFT drop was a huge success with the packs selling out within the hour.
  • Hot Wheels NFT packs and ultra-rare cards quickly gained in value on the secondary NFT marketplaces.
  • Mattel recently reported some of its highest quarterly revenues to date and its stock price has been on a one-year uptrend with gains of 50%.
  • I rate the stock as neutral for now and recommend that investors watch the company and the NFT collectables market.

67 Pontiac GTO Hot Wheels Diecast Toy Car

CTRPhotos/iStock Editorial via Getty Images

Mattel (NASDAQ:MAT) dropped its Hot Wheels NFT collection earlier this month, November 16th. The NFT drop was preceded by a promo pack drop on Twitter and other social media sites. The drop was

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Alan Sumler profile picture
920 Followers
Welcome to the home of The Cannabis Report: a monthly report on the cannabis industry. I am an analyst and consultant in the cannabis industry. I have contributed to High Times Magazine. I currently have a book out, Cannabis in the Ancient Greek and Roman World. I am most interested in technical stock analysis, option strategies, small cap strategies, and emerging markets. Feel free to contact me with any questions about the cannabis industry or publicly traded stocks in the cannabis industry.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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