Major toy brand Mattel has signed a multi-year partnership with upcoming toy-focused non-fungible token (NFT) marketplace Cryptoys to exclusively represent its brands on the platform.
Cryptoys is expected to launch in late summer 2022 on the Flow (FLOW) blockchain and will be the flagship product of OnChain Studios, which has received funding from venture capital firms interested in cryptocurrencies such as Andreessen Horowitz (a16z) and Dapper Labs.
OnChain Studios also plans to create a Cryptoys metaverse and other games in which Mattel’s intellectual property, including Barbie, Hot Wheels, and Masters of the Universe among many others, will be turned into in-game avatars.
Mattel President and COO Richard Dixon said it was “the first toy company to launch NFT” and that the brand sees “incredible opportunities in the Metaverse for our cherished brands and iconic intellectual property.”
Cryptoys teased the partnership on June 8 by posting a cryptic 17-second video on their Twitter account promoting some of Mattel’s retro products.
— Cryptoys (@Cryptoys) June 9, 2022
Mattel has explored NFTs in the past and partnered with the WAX blockchain in October 2021 to release the Hot Wheels NFT collection. In January 2022, Mattel also held a one-to-one auction of three NFTs in collaboration with French luxury brand Balmain, netting the brands about $49,000 for all three.
The NFT sector is expected to move around $800 billion over the next two years, and other toy manufacturers have launched NFTs to capitalize on the growing interest and create new revenue streams for their businesses.
Mattel’s archrival Hasbro, which owns brands such as Action Man, My Little Pony and G.I. Joe, launched its first NFT collection in October 2021 for its Power Rangers brand in an effort to compete in the NFT space.
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Pop culture collecting giant Funko has created multiple NFT collections, one of the first featuring the Teenage Mutant Ninja Turtles in August 2021, shortly after it acquired NFT display and tracking platform Tokenwave.
Cryptoys itself also plans to sell a collection of original avatars like NFTs with these so-called “digital toys” that can be customized with additional NFTs that can change clothes, accessories and attributes for use in the wider “Cryptoyverse” that the company is planning. build.
Mattel’s NFTs will join other popular projects on the Flow blockchain, including NBA’s Top Shot and UFC’s Strike.
Credit : cointelegraph.com