OnChain Studios has raised $7.5 million in a seed funding round led by Andreessen Horowitz (a16z) to develop Cryptoys: a new non-fungible token (NFT) platform that combines digital toys and gaming.
Cryptoys are interactive digital toys that consumers can buy, play with, collect and sell. They will launch soon on Flow, a blockchain designed for NFT collectibles and crypto games. Flow was developed by Dapper Labs, which also participated in the funding round alongside Draper & Associates, CoinFund, Sound Ventures, Collab + Currency and WndrCo.
Cryptoys can “respond to you in a variety of ways, grow smarter and can acquire more skills the longer you interact with them,” according to the official website. Consumers can personalize Cryptoys with NFT clothing and accessories, which can be bought or sold, as well as “Gems” that award new talents and capabilities. Consumers can play with Cryptoys within games, applications and experiences inside the Cryptoverse, a blockchain-based virtual world.
Launched earlier this year, OnChain Studios co-founder and Chief Executive Officer Will Weinraub created the company as a side project for his daughter, who was interested in the blind bag and surprise unboxing trends in the physical toy industry. The other founders are Emilio Cueto, Alfonso Martinez, Freddy Oropeza and Jhonathan Torres, who also fill out OnChain’s executive team.
“Cryptoys is a perfect example of the compelling new NFT gaming and entertainment experiences that are now possible with the advent of Web 3 – a fully-interactive 3D universe with custom toys for each participant,” said a16z General Partner Arianna Simpson in the press release. “We’re thrilled to partner with the world-class team at OnChain Studios to bring Cryptoys to life and introduce the joys of NFT gaming to mainstream audiences.”
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.