Users’ Hot Wheels NFT collections, along with the Mattel Digital Collectibles Marketplace, will remain functional throughout 2025, as the company assesses its next course of action.
The continuation of Hot Wheels Virtual Garage non-fungible tokens is being paused by toymaking giant Mattel, as a decision regarding the collection’s future is being considered.
It was announced by Mattel in a website update that no additional NFT series or feature drops will be released for the “foreseeable future.” The company also stated that a decision regarding the “long-term future” of Mattel digital collectibles is still under consideration.
Appreciation was expressed by the company for the continued support and enthusiasm shown for the Hot Wheels Virtual Garage, describing it as remarkable and stating gratitude for having shared the journey with its community.
It was determined by the company that, as the evolving landscape of virtual collectibles is assessed, the time has arrived to conclude its Series and Feature Drops beginning in 2025 and beyond.
According to Mattel, users’ Hot Wheels NFT collections, the Mattel Digital Collectibles Marketplace, the community Discord, and other related platforms will remain operational as usual through at least 2025.
Hot Wheels NFT holders are still permitted to buy, sell, and trade their assets on the Mattel Digital Collectibles Marketplace, while any existing and pending redemptions will be “honored as promised,” according to the company.
At present, the option to transfer the NFTs to external wallets or marketplaces is not available; however, potential solutions for enabling this feature are currently being explored by Mattel.
Mattel launched Series One of the Hot Wheels NFT Garage in November 2021 through a collaboration with the Worldwide Asset eXchange, and released the most recent installment, Series Ten, in December of the previous year.
Nike Phases Out NFTs as FIFA Expands Its Digital Collectibles Efforts
Mattel is not the sole company scaling back its NFT offerings—sporting goods titan Nike discontinued its NFT platform, RTFKT, in January. Since then, holders have filed a lawsuit, claiming that Nike’s closure of the platform caused them financial losses.
However, other organizations continue to support NFT holders. On April 30, FIFA—after launching its NFT collection ahead of the 2023 Club World Cup—announced that it is developing a new Ethereum-compatible blockchain for its digital collectibles.
The overall NFT market saw a significant decline in the first quarter of 2025, as total sales dropped by 63% year-over-year. Between January and March 2025, sales reached only $1.5 billion, down from $4.1 billion during the same period in 2024.
