Mattel has announced an adjustment to its Hot Wheels NFT program, signaling a shift in strategy for its digital collectibles initiative. While the company is not completely abandoning the space, it will be winding down certain aspects of the program.
The key change is the discontinuation of new Series and Feature Drops for Hot Wheels NFTs in 2025. This means that no new digital collectibles will be released under the Hot Wheels Virtual Garage program after that point.
However, Mattel is emphasizing its commitment to existing NFT holders. The Mattel Creations “My Collection” page and the Mattel Digital Collectibles Marketplace will remain active. This will allow users to continue accessing, buying, selling, and trading their existing Hot Wheels Virtual Collectibles.
Furthermore, Mattel has assured collectors that all existing and outstanding redemptions, including those for physical die-cast cars, will be fulfilled as promised.
The Hot Wheels NFT community will continue to have a place to connect and engage on Discord, and customer support will remain available for all Virtual Collectibles.
While Mattel has no current plans to revive the program with new drops, the company is exploring future options for managing Virtual Collectibles. This includes the potential for transferability to other wallets or marketplaces, indicating a desire to maintain the long-term viability of the existing collections.
The decision reflects the evolving landscape of the NFT market and Mattel’s commitment to providing a positive experience for its existing NFT holders. The focus is now on ensuring the continued utility and value of the current Hot Wheels Virtual Collectibles.
source: https://creations.mattel.com/pages/hot-wheels-virtual-garage-program-update-faqs
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