tl;dr
Mattel has paused its Hot Wheels Virtual Garage NFT program, announcing no new NFT series or feature drops will be released "for the foreseeable future" starting in 2025. The project, launched in November 2021 in partnership with the Worldwide Asset eXchange (WAX), ended with its final drop in Decem...
Mattel has paused new releases of its Hot Wheels Virtual Garage NFTs from 2025 onward to reassess its digital collectibles strategy. Existing NFT redemptions will be honored, and users can still trade NFTs on Mattel's marketplace, with community support continuing through 2025.
This decision reflects a broader industry trend of legacy brands scaling back NFT projects amid market and legal challenges. For example, Nike faces a $5 million lawsuit over its shutdown of the RTFKT digital fashion startup, highlighting risks in branded NFT ventures.
Despite pausing Hot Wheels NFTs, Mattel has expanded its Web3 initiatives with Barbie and Balmain NFT collaborations and launched its own NFT marketplace on the Flow blockchain.
Launched in November 2021 in partnership with the Worldwide Asset eXchange (WAX), the Hot Wheels Virtual Garage project concluded its final drop in December 2024 after ten series. Mattel assures fulfillment of all existing redemptions, including models like the Lamborghini Huracán LP 610-4 and the classic Batmobile from the TV series.
Currently, users cannot transfer NFTs externally, but Mattel is exploring future options and intends to keep the digital collectibles marketplace, collection portal, Discord community, and customer support active through at least 2025.
The pause aligns with shifts seen across industries where early NFT hype has faded and legal complexities mount. Mattel's broader Web3 footprint includes partnerships celebrating Barbie's 250 career personas with the women-led crypto brand Boss Beauties and a luxury Barbie and Ken NFT collection with fashion house Balmain.
Mattel’s marketplace on the Flow blockchain supports peer-to-peer NFT trading, signaling plans to tokenize more iconic brands as part of its evolving digital strategy.