Barbie Manufacturer Mattel Ventures into the NFT World with Cryptoys NFT Marketplace

The American toy manufacturer Mattel has announced a multi-year agreement with the new toy-centric non-fungible token (NFT) marketplace Cryptoys to feature its brands exclusively on the site.

The avatars will be marketed as NFTs and will make their debut in Cryptoys’ “metaverse.”

Cryptoys is set to launch on the Flow blockchain in late summer 2022 and is the flagship project of OnChain Studios. Additionally, OnChain Studios has attracted funding from crypto-focused venture capital firms like Andreessen Horowitz (a16z) and Dapper Labs.

How does Mattel Plan to reform through NFT Market?

To begin, OnChain Studios intends to create a Cryptoys metaverse and other play-to-earn games in which Mattel’s intellectual property, like Barbie, Hot Wheels, and Masters of the Universe, will be transformed into playable avatars.

Earlier, Mattel has experimented with NFTs, with the WAX blockchain, where they issued a collection of Hot Wheels NFTs. Mattel also auctioned three one-of-one NFTs in cooperation with French luxury brand Balmain in January 2022, earning the brands over $49,000 for all three.

Cryptoys also plans to sell a collection of original avatar-like NFTs, with these so-called “digital toys” enabling modification via additional NFTs that can modify clothing, accessories, and traits for use in a larger “Cryptoyverse” that the company intends to construct.

The nature of the games created for Mattel’s properties has not been revealed. but they are expected to be comparable to classic web games: arcade-style, carnival-style, riddles, and infinity-runners. Despite Mattel’s image of being kid-friendly, Cryptoys will initially be restricted to 18+ due to the logistics of owning an NFT, opening a digital wallet, and so on, but will later allow parent-controlled wallets for minors.

Mattel’s NFTs will join other popular projects on the Flow blockchain including NBA’s Top Shot and UFC’s Strike.

Lastly, Cryptoys, unlike Gala Games’ feisty, AI-powered Fuzzles, is likely to be aimed at children based on its pleasant marketing and Mattel connection.