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Mattel Halts Hot Wheels NFT Releases Amid Market Reevaluation

Coin WorldSunday, May 4, 2025 10:12 pm ET

1min read

Mattel, the renowned toymaker, has announced that it will be winding down its Hot Wheels Virtual Garage non-fungible tokens (NFTs). The company has stated that there will be no future releases of new NFT series or feature drops for the foreseeable future. This decision comes as mattel evaluates the changing landscape of virtual collectibles and determines the long-term future of its digital collectibles.

Users of the Hot Wheels Virtual Garage NFTs can continue to operate as usual through 2025. This includes the ability to buy, sell, and trade their Hot Wheels NFTs on the Mattel Digital Collectibles Marketplace. Existing and outstanding redemptions will also be fulfilled as promised. However, there is currently no option to transfer the NFTs to other wallets or marketplaces, as Mattel is exploring possible options around this feature.

The decision to wind down the Hot Wheels Virtual Garage NFTs is part of a broader evaluation by Mattel of the virtual collectibles market. The company launched its first series of Hot Wheels NFT Garage in November 2021 in partnership with the Worldwide Asset eXchange. The latest release, series 10, went live in December of the previous year. Despite the popularity and enthusiasm for the Hot Wheels Virtual Garage, Mattel has decided to pause new releases and feature drops to assess the future direction of its digital collectibles.

Mattel's decision to wind down its Hot Wheels Virtual Garage NFTs is not an isolated incident. Other companies have also made similar moves. For instance, Nike recently shut down its NFT marketplace RTFKT, leading to a lawsuit from holders who allege financial harm. On the other hand, FIFA has continued to support its NFT holders by creating a new Ethereum-compatible blockchain for its digital collectibles.

Mattel has expressed gratitude for the support and enthusiasm of its users and has assured them that it is developing a long-term plan for virtual collectibles. Updates on this plan will be shared with the community in the future. The company's decision to wind down its Hot Wheels Virtual Garage NFTs reflects a broader trend in the virtual collectibles market, where companies are reevaluating their strategies in response to changing market conditions and user preferences.

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