Mattel is set to discontinue its Hot Wheels Virtual Garage NFTs and will not release any new NFT series or feature drops for the foreseeable future. While the existing NFT collections and the Mattel Digital Collectibles Marketplace will continue to operate through 2025, Mattel is evaluating the future of its digital collectibles. Users can still buy, sell, and trade their Hot Wheels NFTs, and any existing redemptions will be fulfilled as promised. However, the transfer of NFTs between wallets or to other marketplaces is currently not available, but Mattel is exploring solutions for this feature. This decision follows the growing challenges within the NFT market, which saw a significant drop in sales and interest. Other companies, such as Nike, have also recently decided to wind down their NFT services amidst similar market conditions, while others like FIFA continue to develop their offerings in the digital collectibles space.

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