A $23 million Series A funding round led by Andreessen Horowitz (a16z) was completed by the NFT-native gaming platform Cryptoys and its parent firm OnChain Studios on Thursday. Participants in the round included Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands, and Sound Ventures. OnChain CEO Will Weinraub said on Thursday,
”We set out to reimagine what the concept of a “toy” actually is and how digital mediums can allow us to go beyond physical constraints to achieve new levels of play and interactivity,”
The startup intends to use the money to create a gaming universe based on NFTs that would let players engage with collecting toys and play-and-win games. Additionally, a brand-new animated series will be released.
Partnership Agreement with Mattel
The company has signed a partnership agreement with Mattel to create playable avatars that may be sold as NFTs. Barbie, Hot Wheels, and Polly Pocket are just a few of Mattel’s well-known goods. The company has worked with toy producer Mattel to create digital toys to bring its portfolio of toy brand names to the Flow blockchain. The business intends to add three iconic characters from its original series when the platform debuts later this summer.
The blockchain platform Flow, which Dapper Labs created, is the foundation of Cryptoys. Dapper Labs’ digital basketball collection platform NBA Top Shot has generated close to $1 billion in sales. With the overall crypto ecosystem now firmly in the bear market zone, the NFT market, which experienced a mesmerizing rise in 2021 at the height of the crypto bull run, may face some significant difficulties in the coming months.
It remains to be seen whether a platform targeted at children will prove to be a successful use case for digital assets and blockchain technology.