Toymaking big Mattel is placing the brakes on its Sizzling Wheels Digital Storage non-fungible tokens, pending a call on the gathering’s future.
There can be no future releases of any new NFT collection or function drops for the “foreseeable future,” Mattel stated in an replace on its web site. The corporate stated it is going to resolve on the “long-term future” of Mattel digital collectibles.
“Your unwavering assist and enthusiasm for the Sizzling Wheels Digital Storage has been legendary, and we’re extremely grateful to have been on this journey with you,” the corporate stated.
“As we consider the altering world of digital collectibles, we’ve decided the time has come to finish our Collection and Characteristic Drops in 2025 and onward.”
Within the meantime, customers’ scorching wheel NFT collections, the Mattel Digital Collectibles Market, the group Discord and different channels will proceed to function as regular via at the very least 2025, in keeping with Mattel.
Holders can nonetheless purchase, promote and commerce their Sizzling Wheels NFTS on the Mattel Digital Collectibles Market, whereas present and excellent redemptions can be “fulfilled as promised.”
Nonetheless, there is no such thing as a choice to switch the NFTs to different wallets or marketplaces in the mean time. Mattel says it’s exploring doable choices round this function.
“We’re creating a long-term plan for Digital Collectibles and can share updates with the group sooner or later,” the corporate stated.
The Sizzling Wheels NFT Storage Collection 7 and the Mattel Creations Digital Market Place opens on 12.7.2023. #HotWheels pic.twitter.com/CidwT3qqC3
— Sizzling Wheels (@Hot_Wheels) November 30, 2023
Mattel launched collection one for its Sizzling Wheels NFT Storage in November 2021 in partnership with the Worldwide Asset eXchange. The most recent launch, collection 10, went reside in December final yr.
Nike sunsets its NFTs, whereas FIFA doubles down
Mattel isn’t the one firm winding down its NFT companies — sporting footwear and attire big Nike sundown its NFT market RTFKT in January. Holders have since launched a lawsuit, alleging Nike has prompted them monetary hurt by shuttering {the marketplace}.
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Nonetheless, different corporations proceed to assist NFT holders. FIFA, which launched its NFT assortment forward of the 2023 Membership World Cup, introduced on April 30 that it was creating a brand new Ethereum-compatible blockchain for its digital collectibles.
The general NFT market dropped sharply within the first quarter of 2025, with gross sales plunging 63% year-over-year, to $1.5 billion in whole gross sales from January to March 2025, down from $4.1 billion throughout the identical interval in 2024.
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