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"nothing has materialized" is a correct and usable phrase in written English.
It can be used to express that something has failed to come into existence or come to fruition. For example: "We had been hoping for a new investor to come forward and revive the company, but unfortunately nothing has materialized."
Exact(9)
But nothing has materialised, probably because of the high costs involved.
Nothing has materialised since Manchester United ushered him to the door.
She advises him to check with his bank again, and to return the following morning if nothing has materialised.
For years, there have been rumours that the Manics are going to record a new theme song for Wade, but so far nothing has materialised.
The culture secretary, Sajid Javid, was the most recent Conservative cabinet minister to say that the law would be tightened to stop "spying on reporters and whistleblowers who are going about their lawful business", but nothing has materialised to this end.
However, so far nothing has materialised.
Similar(51)
Seven Seas Partnership Limited, a Jersey-based financing outfit founded by Andreas Roald, launched legal action in July this year, alleging that they had paid Malick nearly $6m towards a feature length film and two 45-minute Imax films, but that nothing had materialised.
Rumour persistently paints the firm as the object of an imminent takeover bid, although nothing tangible has materialised so far.
Gaiman's Sandman series, which originally ran between 1989 and 1996, and which revolve around a figure called Dream, has been regularly targeted for film adaptation, but nothing as yet has materialised.
So far, none has materialised.
Four year later, not one has materialised.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com