The Mattel Metaverse – Launched by Cryptoys

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The Mattel metaverse is set to welcome some distinguished guests. Cryptoys, a platform aiming to “reimagine what a toy actually is,” has raised $23 million in funding from Andreessen Horowitz, Dapper Labs, and multinational toy manufacturer Mattel.

Home to some of the most iconic brands like Barbie, Fisher-Price, Hot Wheels, American Girl, Thomas & Friends, UNO, and MEGA, that have defined childhood play for Millennials and GenZ-ers, the Mattel metaverse will redefine the word play for a new generation.

Mattel metaverse cryptoys

The Cryptoys NFT gaming world will transform Mattel’s intellectual property into playable avatars.

The Mattel Metaverse

On June 23, Cryptoys took to Twitter to announce that its platform and universe will undergo a makeover. Cryptoys NFT gaming world is interactive and full of possibilities. While most adults are yet to get a hang of the metaverse and NFTs, Cryptoys aims to introduce playable NFTs to children so that they are exposed to these financial services. The Mattel metaverse cryptoys will be produced in partnership with OnChain Studios, the parent company of Cryptoys. The Cryptoys NFT gaming world will teach kids how to navigate the mechanics of digital ownership and the use of NFTs.

Together, the toymaker and the software company will develop an NFT platform called Cryptoys for the carbon-efficient Flow blockchain. OnChain CEO Will Weinraub said, “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.”

Mattel’s intellectual property will be transformed into playable avatars on Cryptoys. The company did not reveal which of its iconic characters are being considered for the Mattel metaverse. According to Cryptoys, the company wants to explore what the future of toys looks like and wishes to make a head start with Mattel’s beloved characters. Discussing how the toyverse will change with the deal, Mattel President and COO Richard Dickson said, “we see incredible opportunity in the metaverse for our cherished brands and iconic IP.” He also claimed that Mattel is the “first toy company to launch NFTs.”

Starting on June 22, Mattel Creations auctioned off its first set of NFTs featuring its Hot Wheels vehicles. At the time, Dickson stated, “Mattel Creations is the perfect platform for us to present limited edition collector products that speak to our incredible fan base as well as attract new fans to our vast portfolio of pop culture brands. Toys as art, and art inspired by toys.” In a recent interview, he acknowledged that toys and players are continuously evolving. Keeping this in mind, the company wants to develop its wares both in the physical and digital world, so that it is on top of its game. This principle translates to following the customer, “and that includes the metaverse and NFTs.”

Cryptoys NFT gaming world

The NFT market started booming in 2021 with major brands launching unique collections. According to a report by CoinGecko, the NFT market is expected to move more than $800 billion in the coming two years. The report also highlighted the fact that gaming will most likely be a popular entry point into the NFT market.

Users signing up for the Cryptoys platform will be required to be 18 years of age or older. To counter this, Weinraub assured people that parent-controlled wallets that will allow younger users to access the platform are in development. He said “You have to take a step back from all of this web3 maximalism. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.”

OnChain Studios will use some of the capital to develop games where users can earn NFTs using gameplay. Cryptoys will join the likes of NBA Top Shot, Ballerz, and CoComelon on Dapper’s Flow blockchain.

The post The Mattel Metaverse – Launched by Cryptoys appeared first on Industry Leaders Magazine.

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