PANews reported on May 5 that according to Cointelegraph, toy giant Mattel recently announced that it will suspend the release of new series and function updates of its "Hot Wheels Virtual Garage" NFT project to re-evaluate its digital collectibles strategy.
According to a statement on Mattel's official website, no new Hot Wheels NFT series or related features will be launched from 2025 and in the foreseeable future. The company said the move was in response to the "changing world of virtual collectibles" and is planning the "long-term future" of Mattel's digital collectibles.
However, Mattel promises that during 2025, users' existing HotWheelsNFT collections, the official "MattelDigitalCollectiblesMarketplace" (which allows users to continue to buy, sell and trade NFTs they already hold), and related community channels (such as Discord) will remain in normal operation. All promised exchanges will also continue to be fulfilled. There is currently no support for transferring these NFTs to external wallets or other markets, but Mattel said it is exploring related options. The company will announce its long-term digital collection plans to the community in the future.
