Mattel paused in flagship hot wheel virtual garage NFT The program announces that there will be no further releases of new NFT series or feature drops “for a foreseeable future” as the toy giant rethinks the long-term future of digital collectibles.
“As we appreciate the changing world of virtual collectibles, we decided it was time to end the series and feature drop in 2025 and feature after that.
The decision ended at least temporarily in a Hot Wheels virtual garage project launched in November 2021.
Mattel partnered with Worldwide Asset Exchange (WAX) for the first mint to offer collectors’ digital collectibles and redemptive diecast cars.
The 10 series were released in total, with the final drops released in December 2024.
Mattel assured fans that “all outstanding redemptions of existing will be fulfilled as promised” including models such as the Lamborghini Huracán LP610-4 and the classic television series Batmobile.
The toy giant said that users are currently unable to transfer NFTs to external wallets or marketplaces, but “we are exploring future options… and will share updates with the community.”
At this time, there is no plan to revive the program, but Mattel argues that a long-term strategy is under development.
NFT holders will continue to trade and sell the Mattel Digital Collectibles Marketplace, with the “My Collection” portal and the official Discord community remaining online until at least 2025.
The website will continue to operate customer support, the website reads.
Brands rethink their NFT efforts
The toy maker’s decision will land as legacy brands in the industry consider the collapse of early NFT hype and subsequent legal fallout.
Just two weeks ago, Nike was hit by a $5 million proposed class action lawsuit over the sudden closure of RTFKT, a digital fashion startup that it acquired in 2021.
Plaintiffs alleged that Nike hyped rtfkt Ethereum– Based NFTs such as Clonex and Dunk Ghost Edition quietly pulled out support with “soft lag pulls” leaving investors illiquid assets.
The complaint reportedly says that Nike promoted unregistered securities and violated the Consumer Protection Act.
Mattel’s advance to Web3
Mattel has expanded its Web3 footprint in recent years, far beyond Hot Wheels.
In 2023, it partnered with women-led crypto brand boss Beauty to launch Barbie NFT, which celebrates the 250 career personas of puppets, from astronauts to CEOs, and is designed to “empower women and collectors exploring Web3.”
In 2022, the company partnered with luxury fashion house Balmain to launch the Barbie and Ken NFT collection, known as the “Unique Digital and Physical Art Collection.”
Around that time, Mattel launched its own NFT marketplace on the flow blockchain, suggesting plans to enable peer-to-peer transactions with crypto, and tokenize its iconic brand more.