According to a piece of recent information, Mattel will develop NFTs for the Cryptotoys initiative by OnChain Studios. Both Cryptoys’ and Mattel’s NFTs will be accessible on the Flow blockchain developed by Dapper Labs.
Mattel’s Cryptoys NFTs
Cryptoys is an “NFT-native” toy company producing a collection of animal NFTs compatible with the metaverse. OnChain Studios asserts that these adorable 3D animals may be utilized as avatars in future games and that each Cryptoy will change over time.
Anyone with a Cryptoy NFT can purchase, use, or exchange many NFT accessories. It’s Uncertain whether Mattel’s intellectual property will have anything to do with these NFT accessories.
A few days before the announcement, Cryptoys showed its relationship with Mattel on its Twitter page. The NFT toy project published a video on June 8 depicting the “development” of toys from antique television advertisements to the Cryptoys metaverse.
According to most sources, OnChain Studios will distribute its first Cryptoys NFT avatars in mystery boxes (also known as “CryptoyCubes”) in the summer. Mattel’s NFTs are anticipated to decline immediately after the genesis Cryptoys debut.
Also Read, How to create your first NFT?
Expansion of Toy Brands Into the Metaverse
The agreement between Mattel and OnChain Studios significantly advances the toy manufacturer’s Web3 intentions. Mattel has nevertheless previously tried introducing its classic toys to the NFT market.
Mattel released in 2021 a wildly popular NFT collection based on their Hot Wheels matchbox automobiles. Unquestionably, the popularity of the initial “Garage Series” NFTs prompted Mattel to develop Hot Wheels “Garage Series 2” this year.
Mattel committed in early 2022 to include Barbie into the metaverse using the platform mintNFT. Balmain, a Parisian fashion house, designed the outfits for each of the three dolls in this initial Barbie NFT drop.
Check this out, How NFTs will revolutionize the Digital Fashion Industry?
Mattel executives assert that their firm is the “first” large toy producer to produce NFTs. While this claim is controversial, other famous toy manufacturers are inevitably utilizing Web3.
Hasbro made headlines when it introduced Power Rangers action figurines on the WAX blockchain. Hasbro executives continue to tease a “Magic: The Gathering”-based NFT card game.
Funko is another firm that now provides digital collectible versions of its iconic figures. In 2021, Funko introduced the “Digital Pop!” platform, which allows fans to buy and exchange NFTs uplifted by Funko.
In recent affairs, LEGO and Fortnite’s Epic Games are collaborating to develop a kid-friendly metaverse. LEGO often emphasizes that its digital experience would be “immersive,” yet there is a lack of details about this initiative.
It seems that all the most valuable toy companies worldwide are working diligently on their Web3 strategy.
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