Major toy model Mattel has signed a multi-year partnership with forthcoming toy-focused non-fungible token (NFT) market Cryptoys to completely function its manufacturers on the platform.
Cryptoys is predicted to launch in late summer season 2022 on the Flow (FLOW) blockchain and is the flagship product of OnChain Studios which has acquired funding from crypto-interested enterprise capital companies akin to Andreessen Horowitz (a16z) and Dapper Labs.
OnChain Studios additionally plans to make a Cryptoys metaverse and different play-to-earn video games the place Mattel’s mental property — together with Barbie, Hot Wheels, and Masters of the Universe amongst many others — will likely be made into playable avatars.
Mattel President and Chief Operating Officer Richard Dickson stated it was the “first toy company to launch NFTs” and that the model sees “incredible opportunity in the Metaverse for our cherished brands and iconic IP.”
The partnership was teased by Cryptoys on June 8 with its Twitter account posting a cryptic 17-second video that includes a few of Mattel’s retro product ads.
— Cryptoys (@Cryptoys) June 9, 2022
Mattel has explored NFTs prior to now and partnered with the WAX blockchain in October 2021 to launch a set of Hot Wheels NFTs. January 2022 additionally noticed Mattel public sale three one-of-one NFTs in collaboration with French luxurious model Balmain which netted the manufacturers near $49,000 for all three.
With the NFT sector anticipated to maneuver round $800 billion over the subsequent two years, different toy manufacturers have launched NFTs to capitalize on the rising curiosity and generate new income streams for his or her enterprise.
Mattel’s main competitor Hasbro which owns manufacturers like Action Man, My Little Pony, and G.I. Joe launched its first NFT assortment in October 2021 for its Power Rangers model in a bid to compete within the NFT house.
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Pop-culture collectibles large Funko has created a number of NFT collections, an early one in all which featured the Teenage Mutant Ninja Turtles in August 2021, shortly after it acquired NFT show and monitoring platform Tokenwave.
Cryptoys itself additionally plans to promote a set of unique avatar like NFTs with these so-called “digital toys” that includes customization by means of additional NFTs which may change clothes, equipment and attributes to be used in a wider “Cryptoyverse” the corporate plans to construct.
Mattel’s NFTs will be a part of different common tasks on the Flow blockchain together with NBA’s Top Shot and UFC’s Strike.