Cryptoys NFT toy platform secures $23 million in Series A round led by a16z
The funding will be used to develop various play-to-earn games and more onto the toy-focused NFT platform.
Cryptoys, an NFT platform focused on digital toys, together with its parent company, OnChain Studios, has recently managed to successfully secure $23 million in a Series A funding round led by a16z Crypto.
Alongside Andreessen Horowitz, the following investors also participated: Animoca Brands, Acrew Capital, CoinFund, Dapper Labs, Draper Associates, Delphi Digital, Mattel, Sound Ventures, Collab+Currency, Yield Guild Games, Miami Angels, Raised In Space, Magdalena Kala, Flamingo Capital and Red Beard Ventures. The startup previously raised $7.5 million in a seed round back in October last year, which was also led by the same venture capital fund.
The CEO of OnChain Studios, Will Weinraub, said the following in a Twitter thread:
“With Cryptoys, our goal is to build the BEST digital toy company in the world.
A platform and experience to delight users of all ages and one that can be enjoyed by the entire family - mixing in elements of toys, gaming, and entertainment to create something truly unique.”
The funding will be used to create content for their interactive Cryptoyverse platform, which includes developing various play-to-earn games, experiences, as well as “a franchise, story, and universe that can be enjoyed by the entire family.”
Cryptoys runs on the Flow blockchain that is made by Dapper Labs. Earlier this month, the toy-centered metaverse formed a multi-year partnership with toymaker Mattel, who are known for Hot Wheels, Barbie, Polly Pocket, Thomas the Tank Engine and more. The partnership will turn various toys made by Mattel into playable NFTs, with the exact details of which toy brands are in question currently remaining unknown.