Mattel Inc. revealed it will launch its P2P Marketplace, which will be a space for virtual collectibles. The announcement of the new NFT platform coincides with the release of Series 5 Hot Wheels NFT Garage digital tokens.

The move just shows how the American toy manufacturing brand is fast advancing in the NFT business. It was noted that Mattel is not the only major brand that is putting an effort into the digital collectible expansion of their businesses, many other retailers and brands are also launching their own marketplaces and experimenting with NFTs.

At any rate, Mattel revealed an update related to its NFT marketplace and said the platform is scheduled to go live on April 27, Thursday. This is a peer-to-peer platform that has been named “Mattel Creations Virtual Collectibles.”

Its launch will happen on the same day as the release of Hot Wheels NFT Garage Series 5, which will present a number of the brand’s most popular designs. As per Bitcoin.com, the Mattel Creations Virtual Collectibles Platform will feature a peer-to-peer market function that will allow users to buy and sell NFTs.

Rarible has been tapped to power the new digital collectible marketplace. For the wallet service on the marketplace, Mattel teamed up with Magic and its blockchain partner, Flow.

“When we first set out to launch our own Virtual Collectibles Platform, we did so with the intention of creating an unrivaled, best-in-class experience for the fans of Mattel's iconic brands,” Mattel Future Lab’s vice president, Ron Friedman, said in a press release.

He added, “In adding a marketplace feature to our easy-to-navigate platform that enables users to sell and trade their virtual collectibles, we’ve taken another step toward realizing that vision. Especially as we unveil Series 5 of the Hot Wheels NFT Garage, we can’t wait for fans and collectors of all ages to experience the updated platform.”