Quick take:
- Mattel has partnered with OnChain Studios to launch the Cryptoys NFT platform on Flow.
- The global toy company is expanding its footprint in the web3 space following its previous NFT projects.
- The company is also targeting the metaverse as major growth vertical for its brands and IP.
Mattel is diving deeper into the web3 space after partnering with Web3 company OnChain Studios to launch the Cryptoys NFT platform on Flow blockchain. The company describes its new range of NFTs as, interactive animal collectibles that can be accessorised with digital wearables such as hats, shoes, and glasses.
Commenting on the project, Mattel President and COO Richard Dickson said: “We see incredible opportunity in the metaverse for our cherished brands and iconic IP.”
This is not Mattel’s inaugural web3 project. The company had debuted in the NFT space six months earlier when it launched “Hot Wheels NFTs” in June 2021. Several other toy companies followed with similar NFT projects, but Dickson maintains that his company was “the first toy company to launch NFTs.”
In December last year, the company teamed up with Gary Vaynerchuk to launch VeeFriends UNO Deck, which sold out immediately after the launch. Mattel also collaborated with luxury brand Balmain to launch exclusive Barbie NFTs in January 2022.
Mattel is behind some of the most popular children’s toys, including Barbie and American Doll. Children can interact with them digitally on Web2 platforms, by applying make-up, wigs and other accessories.
The company wants the Cryptoys platform to enable users to perform similar tasks, but this time on Web3, making the experience more interactive. Mattel is also planning to launch an expansive playable metaverse, enabling users to interact with the characters in 3D virtual spaces.
Cryptoys plans to launch ecosystem character when it goes live this summer, with Mattel scheduled to release the NFTs soon after. “At Cryptoys, we’re building an NFT-native digital toy company from the ground up,” Mattel wrote.
The project is backed by some of the leading Web3 venture capital firms including Andreessen Horowitz, CoinFund, Dapper Labs, and WndrCo, among others.
OnChain Studios was founded in 2018 by Will Weinraub, drawing inspiration from his daughter’s interest in the blind bag and surprise unboxing trend in the physical world.
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