Mattel to Cease Operations of Hot Wheels Virtual Garage NFTs
The toymaking giant Mattel has decided to pause its Hot Wheels Virtual Garage non-fungible tokens, as it contemplates the future of the collection.
Mattel announced on its website that there will be no new NFT series or feature drops for the “foreseeable future.” The company plans to assess the “long-term future” of its digital collectibles.
“We are immensely thankful for your remarkable support and enthusiasm for the Hot Wheels Virtual Garage throughout this journey,” the company expressed.
“As we assess the evolving landscape of virtual collectibles, we’ve concluded that it is time to cease our Series and Feature Drops from 2025 onwards.”
Meanwhile, users can continue to engage with their Hot Wheels NFT collections, the Mattel Digital Collectibles Marketplace, community Discord, and other channels will remain operational through at least 2025, as per Mattel’s statement.
Holders are still able to buy, sell, and trade their Hot Wheels NFTs on the Mattel Digital Collectibles Marketplace, and current and pending redemptions will be “fulfilled as promised.”
However, there is currently no way to transfer NFTs to other wallets or marketplaces. Mattel is actively exploring potential options for this feature.
“We are creating a long-term strategy for Virtual Collectibles and will provide updates to the community in the future,” the company stated.
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