Cryptoys, an NFT native digital platform crafting fully interactive collectibles, Play-to-Earn games, and immersive next-level experiences, has raised $23M in a Series A Funding round.
CrypToys has recently raised a $23M Series A Funding round led by a16z Crypto with participation from a host of other partners including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands and Sound Ventures. The startup announced a $7.5 million seed round, also led by a16z Crypto, in October.
About the Raised Capital
CEO Will Weinraub says that parent-controlled wallets are on the way that will allow younger users to interact more directly with the platform and learn about NFTs.
The funding will give Cryptoys’ parent company OnChain Studios some capital to build out their vision, which includes a number of NFT-adjacent opportunities including games where users have the chance to earn NFTs through gameplay. Hence, Weinraub notes that the company is also planning to build experiences that won’t require that users interact with NFTs. Something that may prove helpful as the startup looks to approach younger users on platforms like iOS. Which hasn’t been very friendly to the crypto industry, though, Weinraub believes that could change.
However, among the biggest questions raised by an NFT-for-kids platform. Why kids would care about their in-app purchases being blockchain-ordained.
Weinraub says that kids bouncing from platform to platform means a lot of digital asset value being lost. He thinks his own children would be interested in reselling in-game items. While, they have bought and grown tired of to fund new digital purchases. However, Weinraub believes that the phenomenon of parents spending hefty sums on cartoon animal NFTs has left a lot of space to bond with their kids over investments and what digital ownership means.
Cryptoys is building an NFT-native digital toy company from the ground up. One that connects you with people around the world. And reimagines what’s possible when it comes to toys, collectibles and gaming.