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- The Hot Wheels NFT series is paused by Mattel due to market shifts and strategy evaluation for future Hot Wheels.
- Current NFT collections remain active on Mattel Marketplace, but transfers to other wallets are unavailable.
- NFT market sales drop 63% in Q1 2025, prompting Mattel to rethink its digital collectibles strategy.
Hot Wheels maker Mattel has stopped selling its Virtual Garage NFTs while considering the future of its digital collectibles. According to the company, in the foreseeable future, it will not release any new NFTs or feature drops. Mattel said on its official website that it made this decision in view of the changes in the virtual collectibles market.
However, the company also assured users that all current collections would remain available. Users can keep buying, selling, and trading NFTs on the Mattel Digital Collectibles Marketplace, and current redemptions will be honoured. At this point, it’s not possible to transfer NFTs to other wallets or marketplaces. But Mattel is trying to enhance this feature.
NFT Market Shifts
Mattel’s decision comes as part of a broader trend in the NFT space. Major companies, including Nike, have cut back on their Non-Fungible Token operations. In January 2025, Nike closed RTFKT, the company’s Non-Fungible Token marketplace. This caused a suit by holders who argued that they had been financially harmed by the shutdown. Other companies, such as FIFA, are doubling down on NFTs.
In November 2021, the Hot Wheels NFT Garage was launched, and its first series was created in collaboration with the Worldwide Asset eXchange. The latest release was Series 10 and went live in December 2024. However, Mattel decided to wait with new releases due to high popularity. The company is reconsidering how to best do digital collectibles.
The Hot Wheels NFT community has shown great support for Hot Wheels NFT. Mattel said in its update that your unwavering enthusiasm has been legendary. The company thanked the engagement and interest in the collection. Mattel has promised to share more details soon as it works on a long term plan.
Mattel’s Strategic Pause
In the first quarter of 2025, sales in the overall Non-Fungible Token market dropped by 63% year-over-year. Total sales dropped from $4.1 billion in the period from January to March 2024 to $1.5 billion in the same period from January to March 2025.
Accordingly, Mattel is choosing to put the brakes on its Hot Wheels NFT series. The company is updating its strategy and will be reevaluating it. But holders can keep on enjoying their collections, and we will update further on the future updates in the coming months.
