Mattel to wind down its Hot Wheels Virtual Garage NFTs
Mattel has paused its Hot Wheels Virtual Garage NFT series, with no new releases planned for the foreseeable future. The company is evaluating the long-term future of its digital collectibles. Existing NFT collections, the Mattel Digital Collectibles Marketplace, and community channels will remain operational through at least 2025. Users can still buy, sell, and trade NFTs, and outstanding redemptions will be fulfilled. However, transferring NFTs to other wallets or marketplaces is currently not available. Mattel plans to develop a long-term strategy for virtual collectibles and will provide updates. The latest NFT release, Series 7, is set for December 7, 2023. Other companies like Nike have also reduced NFT services, while FIFA continues to expand its digital collectibles offerings. The NFT market experienced a significant decline in early 2025, with sales dropping 63% year-over-year.
