By
Chimamanda U. Martha
April 22nd, 2024
The unveiling of the Cryptoys is not the first time Mattel will be exploring the NFT industry. The toymaker auctioned three exclusive NFTs in January.
Toy company Mattel (NASDAQ: MAT) is moving further in its interest in NFTs as it plans to unveil an NFT platform. The NFT interest from many companies has shown that NFT fans span various sectors, including the manufacturing and entertainment space where Mattel belongs. Software company Salesforce (NYSE: CRM) recently announced its NFT Cloud for minting and selling non-fungible tokens. Meanwhile, MoonPay is currently working on its celebrity NFT concierge service.
As Mattel takes a step further in the NFT industry, the toymaker said it would be partnering with Web3 company OnChain Studios. The partnership will expectedly yield the development of the NFT platform dubbed Cryptoys on the Flow Blockchain. The Cryptoys.com website refers to a new generation of digital toys on the blockchain. The website explains that they evolve as time grows, unlocking new capabilities, games, and experiences.
“Cryptoys come in CryptoyCubes, an interactive digital unboxing experience unlike any other. When you unbox your CryptoyCube you’ll find a random, newly minted Cryptoy – with some variants being more rare than others. Collect them all and build out your squad.”
Mattel Is Developing an NFT Platform
A press release described cryptoys as “interactive” animal NFTs. Additionally, these non-fungible tokens can add other NFT accessories like shoes, glasses, and hats. Owners of the digital collectibles will be able to customize them on the blockchain. The interactive digital toys grow smatter and acquire more skills as owners interact more with them. Furthermore, Cryptoys will be playable in various games and applications. The digital toys can also be used in different experiences in the Cryptoyverse. They can also get more talents and capabilities with Gems, which are purchasable NFTs.
The company also said there would be an “expansive and playable” metaverse. Initially, Mattel will launch its NFT platform this summer with the original character, and its NFTs will be available shortly after. Cryptoys boasts of support from “some of the best names in technology and blockchain.” They include VC firm Andreessen Horowitz (a16z), CoinFund, Sound, Draper Associates, WndrCo, and Dapper.
Mattel President and Chief Operating Officer (COO) Richard Dickson said:
“We see incredible opportunity in the metaverse for our charised brands and iconic IP.”
The unveiling of the Cryptoys is not the first time Mattel will be exploring the NFT industry. The toymaker auctioned three exclusive NFTs in January. The auction was for a Barbie collaboration with Balmain.
At after-hours trading, Mattel stock is currently up 0.50% to $23.90. The NFT platform announcement may influence the Mattel share price, which has declined more than 4% in the last five days. The company has also lost 9.40% over the past month. However, MAT has advanced nearly 14% in the past year, growing 10.85% since the year started. Over the last three months, the toymaker has pumped 5.61%.