Cryptoys is a toy-based NFT marketplace with a strong focus on bringing world-famous toy brands into the Metaverse. Famous toy-manufacturing company Mattel revealed their partnership with Cryptoys for a multi-year contract.
With Mattel joining the blockchain world, both companies are now bringing one of their best-selling series, Barbie, into the world of NFTs.
It revealed the collaboration through its retro commercial ad on Twitter.
It is slated to launch in late summer 2022 on the Flow (FLOW) blockchain.
Cryptoys is the flagship product of OnChain Studios, which has garnered funding from crypto-focused venture capital firms like Andreessen Horowitz (a16z) and Dapper Labs.
What This Means for NFTs
Mattel CEO Richard Dickson proudly stated that the brand would be the first toy company to release NFT versions. They want to relish in the Metaverse for new opportunities and more exposure for their top series.
OnChain Studios, the creators of Cryptoys, got their funding from venture capital firms from Dapper Labs and a16z. The collaborated collection will release this summer 2022 in the FLOW blockchain. They gave no further details except that characters from the likes of Barbie and Masters of the Universe can be playable avatars.
They also plan to create play-to-earn games in the Metaverse using Mattel’s IPs.
However, Cryptoys is not the first to collaborate with Mattel for blockchain purposes. Mattel has also partnered with the WAX blockchain to create Hot Wheels NFTs for October 2022. They also auctioned three 1:1 NFTs last January 2022 for a French luxury brand, Balmain. Mattel earned $49,000 for these NFTs.
The Purpose of Toys in the Metaverse
NFTs have growing demand, giving new opportunities for toy companies. According to crypto news, the NFT sector may generate $800B in 2024. Another top toy company, Hasbro, released their NFT collection last October 2021 with Power Rangers NFTs. Funko – the creators of Funk Pops – also showed their NFT collection, debuting with Funko versions of Teenage Mutant Ninja Turtles last August 2021.