Source: Cointelegraph.com NewsToymaking giant Mattel is putting the brakes on its Hot Wheels Virtual Garage non-fungible tokens, pending a decision on the collection\u2019s future.
\nThere will be no future releases of any new NFT series or feature drops for the \u201cforeseeable future,\u201d Mattel said in an update on its website. The company said it will decide on the \u201clong-term future\u201d of Mattel digital collectibles.
\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.
\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
\nThere are no plans for any new NFT series or feature drops for Mattel’s Hot Wheels Virtual Garage. Source: Mattel CreationsIn the meantime, users\u2019 hot wheel NFT collections, the Mattel Digital Collectibles Marketplace, the community Discord and other channels will continue to operate as normal through at least 2025, according to Mattel.
\nHolders can still buy, sell and trade their Hot Wheels NFTS on the Mattel Digital Collectibles Marketplace, while existing and outstanding redemptions will be \u201cfulfilled as promised.\u201d
\nHowever, 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.
\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 pic.twitter.com\/CidwT3qqC3\u2014 Hot Wheels (@Hot_Wheels) November 30, 2023<\/p>\n
Mattel launched 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. Source: Cointelegraph.com NewsToymaking giant Mattel is putting the brakes on its Hot Wheels Virtual Garage non-fungible tokens, pending a decision on the collection\u2019s future. There will be no future releases… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128589"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128589"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128589\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128589"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNike sunsets its NFTs, while FIFA doubles down\u00a0
\nMattel isn\u2019t the only company winding down its NFT services \u2014 sporting footwear and apparel giant Nike sunset its NFT marketplace RTFKT in January. Holders have since launched a lawsuit, alleging Nike has caused them financial harm by shuttering the marketplace.
\nRelated: NFT project plans crowdfund purchase of Cold War nuclear bunker
\nHowever, 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 for its digital collectibles.
\nThe overall NFT market dropped sharply in the first quarter of 2025, with sales plunging 63% year-over-year, to $1.5 billion in total sales from January to March 2025, down from $4.1 billion during the same period in 2024.
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