Mattel Puts Hot Wheels NFTs on Hold
Toy company Mattel is pausing its Hot Wheels Virtual Garage NFTs while it decides what to do with the collection in the future.
In an update on its website, Mattel said it won’t release any new NFT series or special drops for now. The company is still thinking about what the long-term future of its digital collectibles will be.
“Thank you for your amazing support,” Mattel said. “As the digital collectibles world changes, we’ve decided to stop new releases from 2025 and beyond.”
Even though new NFTs are on hold, current Hot Wheels NFT collections, the Mattel Digital Collectibles Marketplace, and the community on Discord will keep running at least through 2025. Fans can still buy, sell, and trade their NFTs on Mattel’s marketplace, and any promised rewards will still be delivered.
Right now, users can’t transfer their NFTs to other wallets or marketplaces, but Mattel says it’s looking into options for that.
Mattel first launched the Hot Wheels NFT Garage in November 2021. The most recent release, Series 10, came out in December 2024.
Nike Pulls Back, FIFA Moves Forward
Mattel isn’t the only big brand stepping away from NFTs. Nike shut down its NFT platform, RTFKT, in January. Some users are now suing Nike, saying they lost money because of the closure.
On the other hand, FIFA is still investing in NFTs. After releasing a collection for the 2023 Club World Cup, it announced on April 30 that it’s building a new blockchain for its digital items that works with Ethereum.
The overall NFT market is struggling. In the first three months of 2025, sales dropped 63% compared to the same period in 2024 — falling from $4.1 billion to $1.5 billion.
