Mattel suspends release of "Hot Wheels Virtual Garage" NFT series

According to Cointelegraph, toy giant Mattel recently announced that it will suspend new series releases and feature updates for its "HotWheelsVirtualGarage" NFT project in order to reassess its digital collectibles strategy.
No new Hot Wheels NFTs or related features will be available from 2025 or for the foreseeable future, according to a statement on Mattel's website. The company said it was responding to the "changing world of virtual collectibles" and was planning for the "long-term future" of Mattel's digital collections.
However, Mattel has promised that users' existing HotWheelsNFT collections, official "MattelDigitalCollectiblesMarketplace" (which allows users to continue buying, selling and trading NFTs they already own), and related community channels such as Discord will remain operational through 2025. All committed exchanges will also continue to be fulfilled. Transferring these NFTs to external wallets or other markets is not currently supported, but Mattel said it is exploring options. The company will announce its long-term digital collection plans to the community in the future.