Toymaking giant Mattel has decided to halt its Hot Wheels Virtual Garage non-fungible tokens, pausing any new releases or feature drops for the foreseeable future. The company is evaluating the long-term future of its digital collectibles. Despite this decision, existing Hot Wheels NFT collections, the Mattel Digital Collectibles Marketplace, community Discord, and other channels will remain active through at least 2025. Holders can continue buying, selling, and trading their NFTs on the Mattel Digital Collectibles Marketplace. However, there is currently no option to transfer NFTs to other wallets or marketplaces, but Mattel is exploring this feature. The company is working on a long-term plan for Virtual Collectibles and will provide updates in the future. Mattel initially launched its Hot Wheels NFT Garage series in November 2021 in partnership with the Worldwide Asset eXchange, with the latest series 10 going live in December last year. In a similar move, Nike recently shut down its NFT marketplace RTFKT, while FIFA is strengthening its support for NFT holders by creating a new Ethereum-compatible blockchain for its digital collectibles. The NFT market experienced a significant decline in the first quarter of 2025, with sales dropping 63% year-over-year to $1.5 billion from January to March 2025. This downturn reflects a changing landscape in the virtual collectibles market.