Toymaking giant Mattel has announced that it will cease new releases for its Hot Wheels Virtual Garage non-fungible tokens (NFTs) and is evaluating the future of its digital collectibles. While users can still access their Hot Wheels NFT collections and the Mattel Digital Collectibles Marketplace will operate normally through 2025, there will be no upcoming NFT series or feature drops. Mattel expressed gratitude for the community's support and noted that it plans to develop a long-term strategy for its virtual collectibles. Existing NFT holders can buy, sell, and trade their assets, with current redemptions being honored. However, transferring NFTs to other wallets or marketplaces is not currently available, though Mattel is considering options to enable this feature. The decision follows a broader trend of companies, including Nike, winding down their NFT initiatives, while others like FIFA continue to support their NFT offerings. The overall NFT market has seen significant decline, with sales plummeting 63% year-over-year in the first quarter of 2025, highlighting a challenging environment for digital collectibles.

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