Mattel, the world’s largest toy company, is collaborating with OnChain Studios to create a non-fungible token (NFT) platform. It will be called “Cryptoys” and will be deployed on Dapper Labs’ Flow blockchain.
Mattel, the world’s largest toy company, is collaborating with OnChain Studios to create a non-fungible token (NFT) platform on the Flow blockchain.
Mattel’s well-known brands include Barbie, Hot Wheels, Polly Pocket, and Uno. Furthermore, the Flow blockchain was created by Dapper Labs, which is also recognized for developing the NBA Top Shot platform.
Mattel will contribute intellectual property as part of this collaboration, and some of its franchises will be converted into playable avatars on the “Cryptoys” platform. Mattel’s NFTs will be available sometime later.
In this regard, according to the press release:
Cryptoys are described as interactive animal NFTs that can be accessorized with additional hats, shoes, and glasses NFTs. There will also be an expansive, playable metaverse. »
It should be noted that OnChain Studios created the NFTs game ” Cryptoys “. Among the platform’s investors are the venture capital firm Andreessen Horowitz, the business Dapper Labs, and CoinFund.
Regarding the partnership and its prospects, Mattel President and COO Richard Dickson stated:
“We see 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 to where the consumer is, and that includes the metaverse and NFTs. »