NFT-based startup Cryptoys has announced that it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to combine NFTs with the gaming and virtual toy worlds, will create what it calls the “cryptoyverse,” in which it will also implement game-money features and issue its own tokens.
Cryptoys Raises $23M in Series A Funding
The NFT market is currently facing a downturn that affects the price and popularity of NFT projects. However, some projects have managed to sustain and even thrive. One of them is Cryptoys, an NFT startup that has announced a successful funding round.
The Series A round raised $23 million and was led by a16z crypto with participation from other firms and companies, including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures.
The company will use the funds to further develop its own platform, dubbed the “cryptoyverse,” aimed at attracting young royals to deploy its famous NBA using NFTs and game earning services on the Flow blockchain (the same technology used by Dapper Labs) Top Shot app.
Cryptoys CEO Will Weinraub said:
You have to take a step back from all this Web3 minimalism. You have to take small steps to get millions of people to embrace these new paradigms.
A16z general partner Arianna Simpson also participated in the company’s seed round, statement:
The high level of creativity and storytelling of the Cryptoys team is ready to delight and inspire the next generation of consumers and collectors.
Operations and Partnerships
The company also announced that it will be working on alternative campaigns, including gaming events where users can earn NFTs to enter the platform. For monetization, the platform plans to issue a pair of tokens, Toyken and Binary Dust.
Cryptoys recently formed a partnership with Mattel, which also contributed to the round, bringing some of the company’s classic toy line to its world. According to reports, these IPs may include toys such as Hot Wheels, Barbie and Master of the Universe, but they have not been confirmed by the company. These will be sold as avatars for use in Cryptoys’ cryptoyverse.
What do you think of Cryptoys’ $23 million Series A round? Let us know in the comments section below.
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