Quick take:
- The funding will be used to expand the team and build out the Cryptoys ecosystem.
- Users will be able to buy, sell, collect and play with Cryptoys in an immersive world.
- The genesis launch of the initial line of Cryptoys is expected to happen in the coming months.
OnChain Studios, the maker of NFT-native toy and gaming platform, Cryptoys, today announced that it has raised $23 million in Series A funding led by a16z. Participants in the round include Draper & Associates, Acrew Capital, CoinFund, Animoca Brands, Sound Ventures, Dapper Labs, and Mattel, among others.
The funding news follows OnChain Studio’s recent partnership with toymaker Mattel on Cryptoys. The multi-year partnership will see both companies collaborate on creating interactive animal collectibles that can be outfitted with digital wearables.
The new funding will be used to expand OnChain’s team of 41 “across engineering, design, art and animation to build out the ecosystem and more games and experiences for the community and collectors.”
Both the funding and the partnership are a lead-up to the launch of the Cryptoys platform, slated for this summer. OnChain Studios is building NFT-related products for kids, including games and the Cryptoys platform as well as preparing for the genesis launch of the initial line of Cryptoys, which is expected to happen in the coming months.
According to OnChain Studios CEO Will Weinraub, the first NFT toys to be dropped will be Cryptoys’ panda, corgi and kitty, followed by the initial drops from Mattel’s iconic toys. Users will be able to buy, sell, collect and play with Cryptoys in an immersive world. As the toys are being played with, they can gain new capabilities and unlock new experiences for users.
Besides NFT toys, Cryptoys also plans to release a number of mini-games that will allow kids to experience blockchain gaming in a fun and accessible way. Due to the current logistics of owning an NFT, Cryptoys will launch to users aged 18 and above. The company plans to eventually roll out parent-controlled wallets for children.
Weinraub said that the company is developing a number of different games that users can use their Cryptoys in.
“Some of those applications will have AI-based elements to it so you’ll be able to interact with your Cryptoys and converse with them through natural language processing and have conversations and different interactions with them in that way,” he explained.
Andreesen Horowitz also led OnChain Studio’s $7.5 million seed round in October last year.
“We believe the Cryptoyverse is the future of play and will be an expansive and immersive world filled with collective toys, play-and-earn, and animated entertainment,” Arianna Simpson, general partner at a16z, said in a statement. “The high caliber of creative and storytelling from the Cryptoys team is primed to delight and excite the next generation of consumers and collectors.”
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