Mattel, a major toy company, has secured a multi-year deal with Cryptoys, a new toy-focused NFT marketplace, to display its brands exclusively on the platform.
Cryptoys is the flagship product of OnChain Studios, which has attracted funding from crypto-focused venture capital firms like Andreessen Horowitz (a16z) and Dapper Labs. It is slated to launch in late summer 2022 on the Flow blockchain.
OnChain Studios also wants to create a Cryptoys metaverse as well as other play-to-earn games in which Mattel’s intellectual property, such as Barbie, Hot Wheels, and Masters of the Universe, will be turned into playable avatars.
Mattel president and CEO Richard Dickson stated that the firm was the “first toy company to introduce NFTs” and that the company sees “great possibilities in the Metaverse for our cherished brands and iconic IP.”
Cryptoys teased the relationship on Wednesday by publishing a cryptic 17-second video featuring some of Mattel’s retro product advertising to its Twitter account.