Digital Toy Platform Cryptoys Raises $23M From a16z, Dapper Labs, Mattel

The company recent secured a partnership with toy manufacturing giant Mattel to transform some of its most famous products into playable avatars, which can be sold as NFTs.

AccessTimeIconJun 24, 2022 at 8:42 a.m. UTC
Updated Jun 24, 2022 at 7:24 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Cryptoys, a platform aiming to "reimagine what a toy actually is," has raised $23 million in funding from Andreessen Horowitz (a16z), Dapper Labs and multinational toy manufacturer Mattel (MAT).

The platform is the flagship product of non-fungible token (NFT) studio OnChain Studios and aims to bring NFTs to kids in the form of colorful characters. Cryptoys aims to combine these with gaming and apps within an interactive platform.

"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," OnChain CEO Will Weinraub said on Thursday.

The company recently secured a partnership with Mattel to transform some of its most storied characters into playable avatars, which can be sold as NFTs. Mattel is the manufacturer of such world-famous products as Barbie, Hot Wheels and Polly Pocket.

Cryptoys is built on Flow, the blockchain developed by Dapper Labs, which has seen its digital basketball collectible platform NBA Top Shot amass around $1 billion in sales.

The NFT market, having enjoyed a mesmeric boom in 2021 at the peak of the crypto bull run, could face some serious challenges in the months ahead with the broader crypto ecosystem now firmly in bear market territory.

It will remain to be seen to what extent a platform geared specifically towards kids will prove a thriving use case for digital assets and blockchain technology.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
Boris Johnson to Quit as Pressure From Ministerial Resignations Mounts

The departure is likely to delay the country's plans to create a friendly environment for the crypto industry.

CoinDesk - Unknown
2
CoinDesk - Unknown
Argo Blockchain Hires Derivatives Trader to Navigate Market Rout, Sells BTC to Reduce Loan

The miner saw gains in bitcoin production in June, but its margins narrowed.

CoinDesk - Unknown
3
CoinDesk - Unknown
Ethereum Scaling Solution Immutable X Will Allow Ether-to-Dollar Withdrawals

The tool is one of the first layer 2 services to allow users to withdraw U.S. dollars.

CoinDesk - Unknown
4
CoinDesk - Unknown
Animoca Brands Leads $32M Funding Round for Planetarium Labs

The capital will help the Web3 gaming company develop its community-driven network.

CoinDesk - Unknown