Mattel Discontinues Hot Wheels NFT Project – End of Iconic Digital Collection?
Jakarta, Pintu News – Toy giant Mattel has temporarily suspended its Hot Wheels Virtual Garage NFT project pending a decision on the future of the digital collection.
What exactly happened?
Mattel Halts Release of New NFT Series for the Time Being
In an update submitted on its official website, Mattel stated that there will be no new releases for the NFT series nor additional features for the time being. The company also mentioned that they will evaluate and decide on the long-term future of Mattel’s digital collection.
“We really appreciate your tremendous support and enthusiasm for the Hot Wheels Virtual Garage. This journey means a lot to us,” Mattel wrote.
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“As we reviewed the development of the virtual collection world, we decided that it was time to stop releasing new Series and Features from 2025 onwards.”
Meanwhile, according to Mattel, users’ NFT Hot Wheels collections, Mattel Digital Collectibles Marketplace, Discord community, and other channels will continue to operate as usual at least until 2025.
NFT owners can still buy, sell, and trade their Hot Wheels NFTs through the Mattel Digital Collectibles Marketplace, and redemptions of valid or pending NFTs will still be processed as promised.
However, there is currently no option to transfer NFTs to another wallet or marketplace. Mattel mentioned that they are exploring the possibility of bringing this feature.
“We are working on a long-term plan for the Virtual Collection, and will share updates with the community in the future,” the company said.
Mattel first launched the inaugural Hot Wheels NFT Garage series in November 2021 in collaboration with Worldwide Asset eXchange (WAX). The latest release, the 10th series, was launched in December last year.
Nike Discontinues NFT Service as FIFA Expands it
Mattel isn’t the only company to start scaling back in the world of NFTs – shoe and sportswear giant Nike shut down its NFT platform, RTFKT, back in January.
The closure triggered a lawsuit from NFT holders, who claimed that Nike’s move had caused them financial losses.
However, not all companies are pulling out of the NFT space. FIFA actually strengthened its commitment, having previously launched an NFT collection ahead of the 2023 Club World Cup.
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On April 30, FIFA announced that it is developing a new Ethereum-compatible blockchain to support its digital collections.
Overall, the NFT market experienced a sharp decline in the first quarter of 2025. Sales value fell 63% on an annualized basis, from $4.1 billion in the January-March 2024 period to just $1.5 billion in the same period this year.
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Reference:
- Cointelegraph. Mattel to wind down its Hot Wheels Virtual Garage NFTs. Accessed on May 5, 2025