Mattel to wind down its Hot Wheels Virtual Garage NFTs

Toymaking elephantine Mattel is putting the brakes connected its Hot Wheels Virtual Garage non-fungible tokens, pending a determination connected the collection’s future.

There volition beryllium nary aboriginal releases of immoderate caller NFT bid oregon diagnostic drops for the “foreseeable future,” Mattel said successful an update connected its website. The institution said it volition determine connected the “long-term future” of Mattel integer collectibles.

“Your unwavering enactment and enthusiasm for the Hot Wheels Virtual Garage has been legendary, and we’re incredibly grateful to person been connected this travel with you,” the institution said.

“As we measure the changing satellite of virtual collectibles, we’ve determined the clip has travel to extremity our Series and Feature Drops successful 2025 and onward.”

There are nary plans for immoderate caller NFT bid oregon diagnostic drops for Mattel's Hot Wheels Virtual Garage. Source: Mattel Creations

In the meantime, users’ hot instrumentality NFT collections, the Mattel Digital Collectibles Marketplace, the assemblage Discord and different channels volition proceed to run arsenic mean done astatine slightest 2025, according to Mattel.

Holders tin inactive buy, merchantability and commercialized their Hot Wheels NFTS connected the Mattel Digital Collectibles Marketplace, portion existing and outstanding redemptions volition beryllium “fulfilled arsenic promised.”

However, determination is nary enactment to transportation the NFTs to different wallets oregon marketplaces astatine the moment. Mattel says it’s exploring imaginable options astir this feature.

“We are processing a semipermanent program for Virtual Collectibles and volition stock updates with the assemblage successful the future,” the institution said.

The Hot Wheels NFT Garage Series 7 and the Mattel Creations Virtual Market Place opens connected 12.7.2023. #HotWheels pic.twitter.com/CidwT3qqC3

Mattel launched bid 1 for its Hot Wheels NFT Garage successful November 2021 successful concern with the Worldwide Asset eXchange. The latest release, bid 10, went unrecorded successful December past year.

Nike sunsets its NFTs, portion FIFA doubles down 

Mattel isn’t the lone institution winding down its NFT services — sporting footwear and apparel elephantine Nike sunset its NFT marketplace RTFKT successful January. Holders have since launched a lawsuit, alleging Nike has caused them fiscal harm by shuttering the marketplace.

Related: NFT task plans crowdfund acquisition of Cold War atomic bunker

However, different companies proceed to enactment NFT holders. FIFA, which launched its NFT postulation up of the 2023 Club World Cup, announced connected April 30 that it was creating a caller Ethereum-compatible blockchain for its integer collectibles.

The wide NFT marketplace dropped sharply successful the archetypal quarter of 2025, with income plunging 63% year-over-year, to $1.5 cardinal successful full income from January to March 2025, down from $4.1 cardinal during the aforesaid play successful 2024.

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