Mattel Hits the Brakes on Hot Wheels Virtual Garage NFTs
Mattel has paused its Hot Wheels Virtual Garage NFT program, announcing no new series or feature drops will occur “for the foreseeable future.” The decision follows an evaluation of the evolving landscape of virtual collectibles. The Hot Wheels Virtual Garage project, launched in November 2021, will end its Series and Feature Drops in 2025 and onward. Mattel partnered with the Worldwide Asset eXchange (WAX) for the initial mint, releasing ten series, with the final drop in December 2024. Existing redemptions will be fulfilled, including notable models like the Lamborghini Huracán and Batmobile. While NFT transfers to external wallets are currently unavailable, future options are being explored. The Mattel Digital Collectibles Marketplace will remain operational, allowing buying, selling, and trading of NFTs. Customer support will continue through at least 2025. This decision reflects broader challenges faced by legacy brands in the NFT space, as seen with Nike's recent legal issues over its digital fashion startup. Mattel has also expanded its Web3 initiatives with partnerships for Barbie NFTs and a marketplace on the Flow blockchain.
