Cryptoys Raises $23 Million From a16z, Dapper Labs, More
Cryptoys, an NFT toy and collectibles company, announced its $23 million Series A fundraising round today.
The round was led by a16z and also included Tim Draper, Mattel, CoinFund, Sound Ventures, Acrew Capital, Dapper Labs, Animoca Brands, and others.
Cryptoys is focused on building a blockchain-based toy company to introduce the younger generation to NFT mechanics at an earlier age. Its platform is expected to launch on the Flow blockchain in the next couple of months, which is also where Dapper Labs' NBA Top Shot, NFL All Day, and UFC Strike platforms operate.
The platform will have parent-controlled wallets, and users must be at least 18 years old to sign up.
“You have to take a step back from all of this web3 maximalism,” Cryptoys CEO Will Weinraub said. “You’ve got to take baby steps to getting millions and millions of people to these new paradigms.”
Cryptoys also announced a $7.5 million seed round in October.
The NFT toy and collectible platform is the flagship product of its parent company OnChain Studios, which was founded in 2021 by Weinraub.
The platform "Genesis Drop" is will consist of 30,000 first edition Heroes NFTs, and Cryptoy Genesis Collectors will have special early-access to games and many other benefits, including upcoming airdrops.
"We believe NFTs will change everything when it comes to gaming, but current play-and-earn games are expensive, complicated, and require a ton of resources and time to build," the platform's website reads. "With Cryptoys, we are focused on bringing fun, casual gaming, and collecting experiences to the blockchain, in a cost-effective manner so that everyone can participate."
Now, Cryptoys has the run way to build out their vision.