Toymaking Giant Mattel places the brakes on hot tire virtual garage that cannot be said to tokens, waiting for a future decision of the collection.
There will not be a future release of any new NFT series or feature drops for the “predictable future,” Mattel Says In an update on its website. The company said it would decide on the “lasting future” of Mattel Digital Collectibles.
“Your relentless support and enthusiasm for the Virtual Garage of Hot Wheels has become legendary, and we are not blessed to be grateful to be with this trip,” the company said.
“As we evaluated the world of virtual collectives, we decided that after the time of our series and feature drops by 2025 and forward.”
Meanwhile, the HOT wheel NFT collections of users, the Mattel Digital Collectibles Marketplace, the Community Discord and other channels will continue to operate as normal by at least 2025, according to Mattel.
Holders can still buy, sell and exchange their hot NFT tires in the Mattel Digital Collectibles market, while existing and outstanding redemption will “fulfill as promised.”
However, there is no option to move NFTs to other wallets or markets so far. Mattel said the exploration of possible options around this feature.
“We are developing a long -term plan for virtual collectibles and will share community updates in the future,” the company said.
The Hot Wheels NFT Garage Series 7 and the Virtual Market area of Mattel opens at 12.7.2023. #Hotwheels pic.twitter.com/cidwt3qqc3
– hot tires (@hot_wheels) November 30, 2023
Mattel launched One series for the Hot Wheels NFT Garage in November 2021 in collaboration with the Worldwide Asset Exchange. The latest release, Series 10, became live in December last year.
Nike Sunsets its NFT, while FIFA doubles
Mattel is not the only company that circulates NFT's services – sporting footwear and giant Nike Sunset's giant NFT Marketplace RTFKT in January. Holders launched a lawsuit, allegedly Nike caused them financial damage by market shutter.
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However, other companies continue to support NFT holders. FIFA, which launched the NFT's collection of the 2023 Club World Cup, announced on April 30 that it created a new blockchain compatible with Ethereum for its digital collections.
The general NFT market dropped dramatically in the first quarter of 2025, with sales selling 63% year-on-year, up to $ 1.5 billion in total sales from January to March 2025, down from $ 4.1 billion in the same period in 2024.
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