On January 4, 2024, it was announced that the third Heatwave under the WWE banner, and 10th overall, would be held on July 7 at the Scotiabank Arena in Toronto, Ontario, Canada as part of Money in the Bank weekend. Instead of airing as a television special like the previous two years, the 2024 event will be held as a livestreaming event, marking the first Heatwave to air on WWE's livestreaming platforms, Peacock in the United States and the WWE Network in most international markets. This will also be the first NXT livestreaming event to be held in Canada since NXT TakeOver: Toronto in 2019.[1] Tickets for all three Money in the Bank weekend events went on sale on March 15, 2024, with combo and hospitality packages available.[2]
The event will include matches that result from scripted storylines. Results are predetermined by WWE's writers on the NXT brand, while storylines are produced on WWE's weekly television program, NXT, and the supplementary online streaming show, Level Up.[3][4]