Toymaking giant Mattel is putting the brakes on its Hot Wheels Virtual Garage non-fungible tokens, pending a decision on the collection\u2019s future.<\/p>\n
There will be no future releases of any new NFT series or feature drops for the \u201cforeseeable future,\u201d Mattel said<\/a> in an update on its website. The company said it will decide on the \u201clong-term future\u201d of Mattel digital collectibles.<\/p>\n \u201cYour unwavering support and enthusiasm for the Hot Wheels Virtual Garage has been legendary, and we\u2019re incredibly grateful to have been on this journey with you,\u201d the company said.<\/p>\n \u201cAs we evaluate the changing world of virtual collectibles, we\u2019ve determined the time has come to end our Series and Feature Drops in 2025 and onward.\u201d<\/p>\n There are no plans for any new NFT series or feature drops for Mattel’s Hot Wheels Virtual Garage. Source: <\/em>Mattel Creations<\/em><\/a><\/p>\n In the meantime, users\u2019 hot wheel NFT collections<\/a>, the Mattel Digital Collectibles Marketplace, the community Discord and other channels will continue to operate as normal through at least 2025, according to Mattel.<\/p>\n Holders can still buy, sell and trade their Hot Wheels NFTS on the Mattel Digital Collectibles Marketplace<\/a>, while existing and outstanding redemptions will be \u201cfulfilled as promised.\u201d<\/p>\n However, there is no option to transfer the NFTs to other wallets or marketplaces at the moment. Mattel says it\u2019s exploring possible options around this feature.<\/p>\n \u201cWe are developing a long-term plan for Virtual Collectibles and will share updates with the community in the future,\u201d the company said.<\/p>\n The Hot Wheels NFT Garage Series 7 and the Mattel Creations Virtual Market Place opens on 12.7.2023. #HotWheels<\/a> pic.twitter.com\/CidwT3qqC3<\/a><\/p>\n \u2014 Hot Wheels (@Hot_Wheels) November 30, 2023<\/a><\/p>\n Mattel launched<\/a> series one for its Hot Wheels NFT Garage in November 2021 in partnership with the Worldwide Asset eXchange. The latest release, series 10, went live in December last year.<\/p>\n Mattel isn\u2019t the only company winding down its NFT services \u2014 sporting footwear and apparel giant Nike sunset its NFT marketplace RTFKT<\/a> in January. Holders have since launched a lawsuit<\/a>, alleging Nike has caused them financial harm by shuttering the marketplace.<\/p>\n Related: <\/strong><\/em>NFT project plans crowdfund purchase of Cold War nuclear bunker<\/strong><\/em><\/a><\/p>\n However, other companies continue to support NFT holders. FIFA, which launched its NFT collection ahead of the 2023 Club World Cup, announced on April 30 that it was creating a new Ethereum-compatible blockchain<\/a> for its digital collectibles.<\/p>\nNike sunsets its NFTs, while FIFA doubles down\u00a0<\/h2>\n