Cryptoys, an NFT startup, announced it will be launching NFTs for kids to educate them about “digital ownership and NFT mechanics,” and also plans to build a metaverse of its own. According to TechCrunch, the platform collected $23M funds from Andreessen Horowitz (a16z), Dapper Labs, and Mattel to make its project successful.
NFT or non-fungible tokens have become quite popular among millennials and young adults over the years. Millions of people around the world are now involved with buying their favorite or valuable digital collectibles as a trend. However, with the recent crypto crash and dip in the NFT market, many people have stopped buying NFTs for the time being.
Despite this long winter, the NFT companies are still introducing new collections or collaborations in the marketplaces. The NFT community believes that the bear NFT market is temporary and it will grow into a valuable industry in the coming 5-10 years, especially with Metaverse involved.
With the latest technology coming, it is more than important to educate the younger generation about the concept behind the Web3 world. Although the schools are yet to recognize crypto or Web3 as a legit industry, Cryptoys is taking the bold step of introducing NFTs for kids.
What is Cryptoys?
Mattel, the company behind Barbie, HOT wheels, Thomas & Friends, Polly Pocket, and many more wanted to create a platform where it can showcase its characters in digital collectibles. With Cryptoys, it will officially mark its entrance into the NFT and metaverse world.
“At Cryptoys, we are building an NFT-native digital toy company from the ground up. One that connects you with people around the world and reimagines what’s possible when it comes to toys, collectibles, and gaming,” the official website reads.
Cryptoys is set to release its original NFT collection featuring interactive animals wearing hats, glasses, and shoes with uniquely generated traits cryptographically. Later, Mattel will release its character NFTs through the platform.
The startup aims to attract a younger audience through its NFT collection so that they can enjoy the process of learning about the concept of digital ownership and NFT mechanics.
Although an NFT platform for kids might seem quite difficult, Cryptoys is ready to take the challenge.
Cryptoys raises $23M in funding
In order to make this project a success, Cryptoys held a funding round and managed to raise around $23M from Andreessen Horowitz (a16z), Dapper Labs, Mattel, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands, and Sound Ventures, based on TechCrunch report.
Dapper Labs is deeply involved with Cryptoys as the NFT platform operates on the Flow blockchain. The blockchain network has already been successful featuring one of the best-selling NFT platforms, NBA Top Shot. Now, Dapper Labs is empowering Cryptoys to introduce NFTs for kids.
Cryptoys will use these funds to develop its products through OnChain Studios such as play-to-earn games and apps that kids can use to understand the concept of NFTs. “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,” says OnChain CEO Will Weinraub.
Cryptoys is on a mission to build a proper metaverse of its original toy characters along with Mattel’s characters. In a statement related to Cryptoys, the Mattel President and COO Richard Dickson said, “We see incredible opportunity in the metaverse for our cherished brands and iconic IP.”
But first, Cryptoys needs to figure out how it can make its platform accessible for kids.
Cryptoys to introduce parent-controlled wallet
Since almost no startup or company has made an effort to bring kids into the NFT industry, Cryptoys has to face the biggest challenge: how to bring kids into the NFTs.
According to TechCrunch, the NFT platform and blockchain network require users to be 18 years or older to sign up. For kids, CEO Will Weinraub announced they will be introducing parent-controlled wallets that will allow kids to interact with NFTs without falling into the web of complications.
Weinraub 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.”
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Other than parent-controlled crypto wallets, the OnChain Studios will also introduce the NFT play-to-earn game so that kids don’t require to interact with NFTs directly. As mentioned above, the startup is taking baby steps to bring kids into the NFT industry, which can be quite challenging.
Cryptoys is set to launch this summer on the Flow blockchain and will also partner with Mattel to create character-based playable avatars as NFTs.
As Weinraub shared in a tweet, “There’s SO much more to come on this front over the next few weeks that we absolutely cannot wait to share with you all.”
Recently, the platform held the IRL Web3 Party at the NFTNYC 2022 to showcase its brand to the world. Now Cryptoys is gearing up to launch its first-ever collection featuring 30,000 Genesis NFTs.