Mattel launches ‘Cryptoys’ NFTs on Flow Blockchain

Mattel joins NFTs.

The toy manufacturer will collaborate with the Web3 company OnChain Studios to develop an NFT platform called Cryptoys for Flow blockchain.

NFTs are blockchain-based tokens that show ownership of digital or physical assets.

“We see incredible opportunities in the metaverse of our beloved brands and iconic IP,” Mattel President and COO Richard Dickson said in a statement.

Cryptoys – at least in its first iteration – are described as “interactive” animal NFTs that can be equipped with additional NFTs of hats, shoes and goggles. Like Barbie or American Girl dolls, Cryptoys will be a customizable collectible – but on the blockchain. It will also be an “expansive and playable” metaverse, according to a press release describing the multi-year partnership.

Cryptoys will be launched with original character drops this summer, and Mattel will release its NFTs shortly after.

“At Cryptoys, we are building an NFT-native digital toy company from scratch,” it says on the company’s website.

Cryptoys has Andreessen Horowitz, CoinFund, Dapper Labs, WndrCo and others as investors.

OnChain Studios is the startup behind Cryptoys, which had teased today’s announcement on Twitter. It was founded in 2018 by Will Weinraub after he saw his daughter’s interest in blind bags and surprising unboxing trends in the physical toy industry.

This is not Mattel’s first entry into the NFT world. Back in January, the brand auctioned three exclusive NFTs for a Barbie collaboration with the luxury fashion brand Balmain.

In announcing its partnership with Cryptoys, Dickson Mattel claims to be “the first toy company to launch NFTs.” ONEAfter Mattel launched its first Hot Wheels NFTs in June 2021, pop culture toy maker Funko Teenage Mutant Ninja Turtles launched NFTs on the Wax blockchain in August, and Hasbro launched Power Rangers NFTs on Wax in October last year. (Hasbro also began exploring Magic: The Gathering NFTs a year ago.)

The Cryptoys will join such as NBA top shotBallerz and CoComelon on Dapper’s Flow blockchain. Flow was developed after Dapper’s CryptoKitties NFTs are clogged Ethereum mainnet back in 2017.

Based on sound marketing and the Mattel partnership, it’s safe to assume that Cryptoys will be for kids, unlike Gala Games’ cheeky, AI-driven Fuzzles.

That said, it remains to be seen whether children will actually be interested in NFTs – or whether parents will be willing to buy them.

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