- Cryptoys will partner with Dapper Labs to launch their platform on the startup’s Flow blockchain.
- The company plans to build experiences that won’t require users to interact with NFTs.
Keeping aside the current struggles of the NFT space, Cryptoys is stepping on a different path. The NFT startup is raising millions of dollars to build a blockchain-based toy company to provide kids exposure to digital ownership and NFT mechanics.
The platform will be launched in the coming months and features cute big-eyes animal characters like sunglasses, hats, and cryptographically ensured uniqueness.
NFTs trading platforms are troublesome even for adults to navigate; hence, a platform for kids sounds daunting. Cryptoys has partnered with Dapper Labs to launch a platform on the startup Flow blockchain, which offers a blockchain-light experience.
This allows users to avoid the characteristic hurdles of NFT land like high gas fees, complex wallet onboarding, and the inability to trade with payment methods like credit cards.
Still, making a blockchain easy enough for kids to use is a bit controversial, as users must be at least 18 years old to sign up. However, CEO Will Weinraub has shared that parent-controlled wallets are on the way, enabling younger users to interact directly with the platform and learn about NFTs.
In a statement, he said:
You have to take a step back from all of this web3 maximalism. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.
Crytoys is getting support on this journey, as it has recently closed a $23 million Series A round led by a16z Crypto with participation with other partners like Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands, and Sound Ventures.
In October, the startup announced a $7.5 million seed round, also led by a16z Crypto.
Cryptoys shared the announcement through an official post on Twitter:
BIG news fam!— Cryptoys (@Cryptoys) June 23, 2022
We’ve raised a $23M round of funding from @a16z, @TimDraper, @Mattel, @coinfund_io, @sound_ventures_, @AcrewCapital, @dapperlabs, @animocabrands & others to usher in a new era for the world of toys and gaming! 🥳
According to Weinraub, the phenomenon of parents spending large sums on cartoon animal NFTs has created ample space to bond with their kids over investments and digital ownership.