Cryptoys just closed a $23 million Series A round led by a16z Crypto with participation from Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands and Sound Ventures. The startup had only just announced a $7.5 million seed round led by a16z Crypto in October of this year.
Mattel is home to some of the world’s most well-known and beloved brands, including Barbie, Fisher-Price, Hot Wheels, American Girl, Thomas & Friends, UNO, and MEGA. It is clear that they hold some of the most iconic IPs in the toy industry. In January of this year, Mattel began its journey into web3 by auctioning three exclusive NFTs for a Barbie collaboration with the luxury fashion brand Balmain. RE3W covered this story in a recent report.
Mattel recently announced on Twitter their upcoming partnership with OnChain Studios and Flow blockchain to create the web3 project Cryptoys. They hope to create a new generation of digital toys that live on the Flow blockchain. They will be fully interactive and evolve over time unlocking new capabilities, play-to-earn games, and metaverse experiences. Cryptoys are planning to launch their original character NFTs this summer – with Mattel releasing its NFTs soon after.