American toy giant Mattel is partnering with OnChain Studios to develop a non-fungible token platform (NFTs). Called “Cryptoys,” it will be implemented on the Flow blockchain, developed by Dapper Labs.
Mattel launches into NFTs
American toy giant Mattel is partnering with OnChain Studios to develop a non-fungible token (NFTs) platform on the Flow blockchain.
The Mattel company is known for its brands such as: Barbie, Hot Wheels, Polly Pocket or even Uno. Moreover, the Flow blockchain was developed by Dapper Labs, also known for launching the NBA Top Shot platform.
As part of this partnership, Mattel will contribute its intellectual property and some of its franchises will be transformed into playable avatars on the “Cryptoys” platform. Mattel will launch its NFTs some time later.
In this sense, the release states:
“Cryptoys are described as interactive animal NFTs that can be accessorized with additional NFTs of hats, shoes and glasses. There will also be an expansive, playable metaverse.”
Of note, OnChain Studios developed the NFTs game “Cryptoys.” Among the investors, the platform includes: the venture capital firm Andreessen Horowitz, the company Dapper Labs or CoinFund.
Regarding the partnership and its opportunities, Richard Dickson, president and COO of Mattel, states:
“We see an incredible opportunity in the metaverse for our cherished brands and iconic intellectual property. We want to be at the forefront of this evolution of toys in the physical and digital worlds. Our business takes us where the consumer is, and that includes the metaverse and NFTs.”
The gaming and metaverse industry is on the rise
The blockchain, metaverse and NFTs industry is attracting investors and big brands from the toy and gaming industry.
This digital future is a card to play and users remain curious. This is why some investors are launching specialized funds dedicated to this segment.
Recently, the famous venture capital firm a16z created a $600 million fund dedicated to developing the video game industry, including Web3 games. This includes the metaverse, and NFTs.
On the other hand, the free online gaming site Kongregate has launched a $40 million investment company dedicated to blockchain games, in association with the NFTs platform Immutable.
In this perspective, it is very likely that this industry will become a significant opportunity for these different players in the sector.