World Famous Toy Manufacturing Company Mattel has taken a decision to shut down its popular digital collectable project Scorching Wheels Digital Storage NFT. Giving an update on its official website, the company said that now no new NFT series or feature drops will be issued “until the next notice”.
Mattel said that it is evolutioning the changing world of virtual collections and this decision has been taken under this process. The company expressed gratitude to its fence, saying, “Your enthusiasm and support has been unique and we are very grateful to you as part of this digital journey.”
The first series of Scorching Wheels NFT Storage was launched in November 2021 and its ten series have been released so far. The last series was released in December 2024. The company has clarified that no new series will come after 2025 and will be shared with the community in further decision future.
Old NFT and market will remain on till 2025
Although this project is closing, Mattel has said that Scorching Wheels NFT collection, Mattel Virtual CollecticalBles Market and its community Discord Channel will continue to work as before 2025. NFT holders will still be able to buy, sell and trade their digital collections.
The company also said that the NFT and their radiation offers issued so far will be completed as before. Although users have not yet have the option to transfer their NFT to other wallets or NFT market, Mattel has assured that it is considering this feature.
Recession in NFT Marketplace, other companies also change
This decision of Mattel has come to light amid the ongoing decline in NFT Marketplace. The NFT Sale has fallen by 63% in the Q1 of 2025, where the total cell fell from $ 4.1 billion to just $ 1.5 billion.
Earlier NIKE also closed its NFT Platform RTFKT in January 2025, after which NFT holders took against the company against the company. On the other hand, companies like FIFA are still active in the NFT sector and recently a news was revealed, in which it was told that, FIFA will launch Fifa Blockchain for its NFT Platform,
It has not been clarified by Mattel as to what will be the future of Scorching Wheels NFT collection, but the company has said that it is working on long-term planning and will continue to update its community from time to time.
Conclusion
The impact of the decline in NFT Marketplace is now visible on big brands as well. Mattel’s Scorching Wheels Digital Storage NFT project is the biggest example of this changing era. While the company will continue to support its existing users, it is also clear that the NFT sector now needs new routes and technical innovation. In the coming time, it will be interesting to see in which direction Mattel and other companies move in the world of digital collections. Along with this, if you want to get more information related to NFT, then you can go to our NFT Information section, where you Rarible nft market Like new subject information will be found.
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