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The toy giant Mattel has announced a partnership with the NFT platform Cryptoys.
Mattel, the company best known for Barbie, Lego, Hot Wheels, and NERF guns, has signed a multi-year partnership with OnChain Studios’ NFT marketplace Cryptotoys. Together, the companies will launch a “new generation of digital toys” destined for blockchain.
The companies are planning to create “a collectible, interactive world through Cryptoys’ expansive and playable universe.” The collectibles will not be static, but rather they’ll be animated and “come to life the moment you unwrap them.” The companies aim at re-imagining traditional toys and bringing them out into the metaverse to give them a new life and people the opportunity to explore a new world with their favorite toys.
Mattel believes in creating new ventures with its toys, and Richard Dickson, President and COO of Mattel sees “incredible opportunity in the Metaverse for our cherished brands and iconic IP.”
The entire endeavor will take place on Flow blockchain and is going to launch this summer.
“Mattel shares our deep passion and innovative mindset for creating the future of play for the next generation,” said Will Weinraub, CEO and Co-Founder of OnChain Studios. “Playable and interactive NFTs will be the first foray into Web3 and blockchain for millions of people, and we want Cryptoys to be the on-ramp that makes it fun and easy for everyone to collect and play.”
Cryptotoys is launching its original character drop in summer 2022, and Mattel drops are to come soon after. October 2021, OnChain Studios raised an impressive $7.5 million for the creation of Cryptotoys, the seed round led by Andreessen Horowitz and with contributions from Draper & Associates, CoinFund, Dapper Labs, and others.
Mattel has already dipped its toes in NFTs. It partnered with the WAX blockchain last year to release a collection of Hot Wheels NFTs, and in January, it collaborated with luxury brand Balmain in the creation of three NFTs, which were sold for nearly $49,000.
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