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Cryptoys, a platform that is attempting to "reimagine what a toy actually is," has secured $23 million from Andreessen Horowitz (a16z), Dapper Labs, and Mattel (MAT).
The platform is the main product of OnChain Studios' non-fungible token (NFT) studio and intends to introduce NFTs to children in the guise of colorful characters. Cryptoys intends to mix these elements with games and applications on an interactive platform.
On Thursday, OnChain CEO Will Weinraub stated, "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."
Recently, the business formed a relationship with Mattel to convert some of Mattel’s most iconic characters into playable avatars that can be sold as non-fungible tokens. Mattel is the maker of internationally renowned items such as Barbie, Hot Wheels, and Polly Pocket.
Cryptoys is based on Flow, the blockchain created by Dapper Labs, whose digital basketball collection platform NBA Top Shot has generated around $1 billion in sales.
The NFT industry, which had a hypnotic surge in 2021 at the pinnacle of the crypto bull run, might face significant hurdles in the coming months since the entire crypto ecosystem is now firmly in the bear market territory.
It remains to be seen whether a platform designed exclusively for children would be a successful use of digital assets and blockchain technology.
