On May 5, PANews reported that toy giant Mattel recently announced it would suspend the release of new series and feature updates for its 'Hot Wheels Virtual Garage' NFT project to reassess its digital collectibles strategy.
According to a statement on Mattel's official website, starting in 2025 and for the foreseeable future, no new Hot Wheels NFT series or related features will be launched. The company stated that this move is to respond to the 'changing world of virtual collectibles' and is planning for the 'long-term future' of Mattel's digital collectibles.
However, Mattel has committed that during 2025, existing users' Hot Wheels NFT collections, the official 'Mattel Digital Collectibles Marketplace' (which allows users to continue buying, selling, and trading their held NFTs), and related community channels (such as Discord) will remain operational. All promised redemptions will also continue to be fulfilled. Currently, transferring these NFTs to external wallets or other markets is not supported, but Mattel has stated that it is exploring related solutions. The company will announce its long-term digital collectibles plan to the community in the future.