- Mattel has announced that it’s halting its Hot Wheels Virtual Garage NFTs
- The halt is meant to give Mattel time to decide on the future of the NFT collection
- Mattel said the brakes put an “end [to its] Series and Feature Drops in 2025 and onward”
Popular toy and entertainment company Mattel has announced that it’s halting its Hot Wheels Virtual Garage NFTs to contemplate the collection’s future. Mattel said that the halt puts the brakes on all “Series and Feature Drops [for the NFT collection] in 2025 and onward,” adding that the existing NFT infrastructure remains as-is and current holders will still be able to access their collectibles. The global toy company revealed that the termination of new updates was influenced by “the changing world of virtual collectibles,” a change that has also seen some NFT platforms shut down while others have pivoted to AI.
Marketplace and Social Channels Remain Active
Mattel clarified that the collection’s social pages and marketplace will continue to operate, allowing existing collectors to engage and trade their collectibles. Existing collectors will, however, not be able to transfer their holdings to other wallets, a barrier Mattel said it is working to solve.
The toy company disclosed that it’s in the process of creating “a long-term plan” for its NFTs. Mattel unveiled the first series of the Hot Wheels NFTs in 2021. Its latest series was released in December 2024.
In 2023, Mattel announced the Fast Furious x Hot Wheels NFT Garage Series NFT collection featuring cars in the popular Fast & Furious movie series. In the same year, Mattel partnered with Boss Beauties to create a new NFT collection to promote web3 among women.
Is the Bear Market to Blame?
Mattel’s decision to pause updates to the Hot Wheels Virtual Garage NFTs comes as more NFT projects continue to feel the weight of the prolonged bear market in the NFT space. NFT marketplace X2Y2 is among the latest NFT platforms to exit the ecosystem.
Nike-backed NFT company RTFKT has also announced it will shut down in 2026 in an attempt to make it “an artifact of cultural revolution.” Nike has, however, been hit with a class action lawsuit claiming that shutting down RTFKT constitutes a rug pull.
With Mattel halting Hot Wheels Virtual Garage NFTs, it’s likely it’ll also pause updates on its other collections and or completely shut down its NFT department.
