Mattel has announced the cessation of its Hot Wheels Virtual Garage NFT drops, marking an end to new releases 'for the foreseeable future.' Despite halting the series, Mattel assures that existing NFT holders will have their redemptions fulfilled, including collectible die-cast cars. The company is evaluating the future of the program and exploring potential features such as NFT transfers. Meanwhile, the Digital Collectibles Marketplace remains operational for users to buy, sell, and trade NFTs through at least 2025. This decision reflects a broader trend among legacy brands reassessing their involvement in the NFT space, as exemplified by Nike's recent legal challenges regarding its digital assets. Mattel initially partnered with the Worldwide Asset eXchange for their NFTs in 2021, and although new releases are on pause, the ongoing community support and marketplace features indicate that the company is not abandoning its digital collectibles endeavors entirely.

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