Key Takeaways
- Cryptoys will have “interactive animal NFTs” with several customizable collectibles.
- The NFT platform would be built in partnership with the Web3 firm OnChain Studios.
- The original character drops will happen this summer, and NFTs will be released soon after.
Toymaking giant Mattel is expanding its presence in the NFT market by building its own NFT platform, ‘Cryptoys’ on Flow Blockchain. The Platform would be built in partnership with the Web3 company OnChain Studios.
Described as a “interactive animal NFTs”, Cryptoys will be a customizable collectible that can be accessorized with additional NFTs of hats, shoes, and glasses. Cryptoys which will be playable in various games and applications can be used in different experiences in the Cryptoyverse. Cryptoys will launch with original character drops this summer, and Mattel plans to release its NFTs soon after. The platform claims to receive investment support from “some of the best names in technology and blockchain, which include Andreessen Horowitz (a16z), CoinFund, Sound, Draper Associates, WndrCo, and Dapper.
According to the official website, the NFTs are made to evolve as time grows, unlocking new capabilities, games, and experiences. According to reports, American Girl, Thomas the Tank Engine, Polly Pocket, Barbie, Masters of the Universe and Hot Wheels will be transformed into playable avatars on Cryptoys. Mattel President and Chief Operating Officer Richard Dickson commenting on the latest development, that they see incredible opportunity in the metaverse for their cherished brands and iconic IP. While announcing the partnership with Cryptoys, the COO claimed Mattel was “the first toy company to launch NFTs.”
This is not, however, Mattel’s first entry into the world of digital assets. The toymaker earlier this year auctioned three exclusive NFTs for a Barbie collaboration with the French fashion brand Balmain. Apart from this, in October 2021, Mattel collaborated with the WAX blockchain to release Hot Wheels NFT Garage Series.
As NFTs have become one of the most prominent parts of Web3 over the last two years, many toymaking companies have started experimenting with them. Apart from Mattel, Hasbro is another toymaker now trying its luck in the NFT Space. Hasbro, one of Mattels’ biggest competitors, launched its first NFT collection in October 2021. Accessory and toy brand Funko recently made headlines when it acquired NFT Platform Tokenwave. With NFTs becoming more mainstream by each passing day, more companies are expected to experiment with them in the coming months.
