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.
Toymaking giant Mattel has paused the continuation of its Hot Wheels Virtual Garage non-fungible tokens while the company considers the future of the collection.
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.
The company expressed appreciation for the continued support and enthusiasm shown for the Hot Wheels Virtual Garage, describing it as remarkable and sharing gratitude for being part of the journey with its community.
A company determined that, as it evaluates the evolving virtual collectibles landscape, it is time to conclude its Series and Feature Drops starting 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 can still buy, sell, and trade their assets on the Mattel Digital Collectibles Marketplace, and the company has confirmed it will honor all existing and pending redemptions as promised.
Currently, Mattel is exploring potential solutions to enable the transfer of NFTs to external wallets or marketplaces, although this option remains unavailable for now.
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.
