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Mattel, the multinational toy manufacturing and entertainment firm known in the non-fungible token market for its Hot Wheels non-fungible token collections, has announced that it will stop minting new non-fungible tokens. Mattel’s announcement appeared amid a short market surge, which has pushed the global non-fungible token weekly trading sales volume above the $100 million mark.
Mattel Pauses New NFT Minting
In a May 05 site publication, the toy-making giant Mattel confirmed its plan to stop NFT minting on its market platform. According to the team, the Hot Wheels Virtual Garage will no longer be releasing any new Series or Feature Drops for the foreseeable future. However, the Mattel Creations “My Collection” and the Mattel Digital Collectibles Marketplace will both remain active and operate normally while the team assesses the program’s long-term future.
Founded in 1945, Mattel is a leading global toy and entertainment company, known for owning iconic brands like Barbie, Hot Wheels, Fisher-Price, and American Girl. This multinational toy manufacturing and entertainment company produces a wide range of toys, content, consumer products, and digital experiences, aiming to inspire and entertain audiences and develop children through play.
Mattel entered the non-fungible token arena in 2021. At the time, the toy-making giant launched Hot Wheels NFT Garage Marketplace, allowing fans to collect and trade digital representations of their favorite Hot Wheels models. The first drop featured a collection of digital art inspired by Hot Wheels, with some premium-grade NFTs redeemable for physical die-cast cars. Since then, the company has produced more new Hot Wheel NFT collections.
What Went Wrong?
Four years later, Mattel has paused the production of new NFT collections, citing that its NFT team is developing a long-term plan for Virtual Collectibles and will share more updates with the community in the future. In the Meantime, the Mattel NFT Marketplace will remain open and active through at least 2025, allowing users to buy, sell, and trade Virtual Collectibles. The NFT marketplace continues operating normally while we assess the program’s long-term future.
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