Toymaking Giant Mattel places the brakes on hot tire virtual garage that cannot be said to tokens, waiting for a future decision of the collection.
There will not be a future release of any new NFT series or feature drops for the “predictable future,” Mattel Says In an update on its website. The company said it would decide on the “lasting future” of Mattel Digital Collectibles.
“Your relentless support and enthusiasm for the Virtual Garage of Hot Wheels has become legendary, and we are not blessed to be grateful to be with this trip,” the company said.
“As we evaluated the world of virtual collectives, we decided that after the time of our series and feature drops by 2025 and forward.”
Meanwhile, users’ Hot Wheel NFT collections.
Can still buy, sell and sell holders their hot tire nfts to Mattel Digital Collectibles MarketplaceWhile the existing and remaining redemption will “be fulfilled as promised.”
However, there is no option to move NFTs to other wallets or markets so far. Mattel said the exploration of possible options around this feature.
“We are developing a long -term plan for virtual collectibles and will share community updates in the future,” the company said.
The Hot Wheels NFT Garage Series 7 and the Virtual Market area of Mattel opens at 12.7.2023. #Hotwheels pic.twitter.com/cidwt3qqc3
– hot tires (@hot_wheels) November 30, 2023
Mattel launched One series for the Hot Wheels NFT Garage in November 2021 in collaboration with the Worldwide Asset Exchange. The latest release, Series 10, became live in December last year.
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Mattel is not the only company rotating NFT MarketPlace RTFKT Sun In January. Holding Since launching a lawsuitthat Nike is said to have caused them financial damage by market shutter.
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However, other companies continue to support NFT holders. FIFA, which launched the NFT collection Leading the 2023 Club World Cup, was announced on April 30th this would Creating a new blockchain that matches Ethereum For digital collectivity.
The general market of the NFT Falling hard in the first quarter of 2025, with sales that sell 63% year-on-year, up to $ 1.5 billion in total sales from January to March 2025, down from $ 4.1 billion in the same period in 2024.
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