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Mattel Suspends New NFT Releases for Hot Wheels Virtual Garage

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by Giorgi Kostiuk

3 hours ago

Mattel has announced the suspension of new NFT releases for its Hot Wheels Virtual Garage collection, awaiting a decision on its future.

Suspension of New NFT Releases

In an update on its website, Mattel stated that there will be no new series or feature drops for NFTs in the 'foreseeable future'. The company is evaluating the long-term future of its digital collectibles.

Your unwavering support and enthusiasm for the Hot Wheels Virtual Garage has been legendary, and we’re incredibly grateful to have been on this journey with you.Mattel

User Engagement

Users will still be able to buy, sell, and trade their NFT collections on the Mattel Digital Collectibles Marketplace, which will continue to operate through at least 2025. Existing and outstanding redemptions will also be fulfilled as promised.

NFT Market Situation

Mattel is not the only company winding down its NFT services; Nike has also closed its RTFKT NFT marketplace. Meanwhile, FIFA has announced plans to create a new blockchain for its digital collectibles. The overall NFT market has dropped sharply, experiencing a 63% decline in sales in the first quarter of 2025.

The situation surrounding NFTs and virtual collectibles continues to evolve, with companies like Mattel and Nike adapting their strategies in response to market changes.

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