Digital Toy Platform Cryptoys Raises $23M from a16z, Mattel, Dapper Labs
- From a16z, Dapper Labs, and Mattel, the digital toy platform Cryptoys raises $23 million.
- The blockchain platform, Flow, which was created by Dapper Labs, is the foundation of Cryptoys.
- Dapper Labs’ digital basketball collection platform, NBA Top Shot, has generated close to $1 billion in sales.
Cryptoys recently 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.
CryptoKitties creator Dapper Labs led the investment round, with participation from a16z crypto and Mattel. The new infusion of cash will be used to expand the team and build out the product. It’s also working on integrations with more game platforms and social media networks.
NFTs have been blowing up in popularity lately as they offer a way to represent digital assets in a unique and immutable way. They’ve been trendy in the gaming community as a way to trade collectibles or in-game items. But their potential goes far beyond that — we could see them being used for everything from loyalty points to digital art.
This latest funding injection comes as the company looks to continue expanding in both the digital and physical toy space. Cryptoys is perhaps best-known for its line of NFTs, which it released earlier this year. These non-fungible tokens (NFTs) are based on the same technology that powers cryptocurrencies like Bitcoin and Ethereum.
However, unlike those assets, NFTs can represent digital or physical objects. This means they can be used to create collectibles, gaming items, and even works of art. Cryptoys’ NFTs are currently compatible with a number of popular blockchain games, including CryptoKitties, Decentraland, and Axie Infinity.
The company has also partnered with Mattel to release a line of physical toys that use NFC (Near Field Communication) tags to interact with the Ethereum blockchain. These toys, which are slated for release later this year, will allow children to “earn crypto” by completing simple tasks or playing mini-games.
Cryptoys is a gaming platform for kids that uses Non-fungible Tokens (NFTs). The platform is the flagship product of OnChain Studios, and it aims to bring the benefits of blockchain technology to children in a fun and interactive way.
Cryptoys characters are colorful and unique and can be used in games and apps within the platform. Cryptoys aims to educate children about blockchain technology and its potential use cases while also providing them with a fun and engaging user experience.
OnChain Studios is a leading provider of NFT-based products and services, and it has built a strong reputation for innovation and excellence in the industry. Cryptoys is just one example of the company’s commitment to making NFTs accessible to everyone.