Mattel is discontinuing its Hot Wheels Virtual Garage non-fungible tokens (NFTs), halting future releases and feature drops indefinitely. While the existing digital collectibles marketplace and community platforms will remain operational through 2025, Mattel is reassessing the direction of its digital collectibles strategy. The company expressed gratitude for the support of NFT holders but acknowledged that it is time to end current series and feature activities. Users can still engage with their collections by buying, selling, and trading their NFTs, and all existing redemptions will be honored. However, the NFTs cannot currently be transferred to other wallets or marketplaces, with possible future enhancements being explored. This decision follows a broader trend in the NFT space, where notable entities like Nike have also recently decided to scale back their NFT offerings amid declining market conditions, as indicated by a significant drop in NFT sales in early 2025. Mattel previously launched its first NFT series in collaboration with the Worldwide Asset eXchange in late 2021.

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