The “Cryptoys”: the NFT toys of Barbie’s parent company

News hardware The “Cryptoys”: the NFT toys of Barbie’s parent company

Toy giant Mattel had already experimented with a first NFT Hot Wheels collection for collectors in 2021. This time around, the American group is pursuing its adoption by entering into a long-term partnership with OnChain Studios to launch the toys in NFT.

Mattel’s Web3 toy platform

Mattel, the American toy giant who owns Barbie, Hot Wheels and Polly Pocket in particular, wants to create a virtual universe based solely on play and fun.

Using blockchain, Mattel’s ambition is to create the first Web3 platform dedicated to NFT toys. The purpose of this platform is to launch the first exclusively virtual toys.

Cryptoys platform announces:

“We’re building NFT’s native digital toy company from the ground up. A universe that connects you with people around the world and reinvents what’s possible in toys, collectibles and games.”

For the realization of this project, the American toy giant is associated with OnChain Studios. This development studio, little known prior to the project’s launch, has a mission to “empower, educate and entertain the next generation of collectors”.

The collections will be distributed on the Flow blockchain, known for being used to launch the NBA Top Shot virtual card platform.

NFT “Cryptoys” toys.

For the inauguration of this project, Mattel does not want to use its existing licenses. For the occasion they have created a new native brand of Web3: Cryptoys.

With such an explicit name, we quickly understand the brand’s positioning and its vision of the toy for years to come.

We can understand them: making toys in NFT is less expensive, the toys do not deteriorate and we can earn royalties at each resale …

Mattel thus launches Cryptoys, totally digital little animals that can be played in play-to-earn minigames on the platform in order to unlock equipment and experience for its Cryptoys.

Almost a Tamagotchi, with the addition of NFT sauce.

Cryptoys platform explains: “Cryptoys are described as interactive animal NFTs that can be accessorized with additional NFTs of hats, shoes and glasses. There will also be a large and playable metaverse.

To develop its virtual universe, Mattel intends to exploit the intellectual property of many of its franchises. We can therefore imagine that the playable avatars of Barbie or Poly Pocket should arrive shortly in the future metaverse for children.

Also, in this virtual universe, the brand could very well offer gaming experiences around UNO or Scrabble since it is the publisher.

Richard Dickson, Mattel’s President and COO, is very excited about the metaverse idea:

“There is no doubt, the concept of the metaverse is expanding. We want to be at the forefront of this evolution of toys in the physical and digital worlds. Our business takes us where the consumer is, and this includes the metaverse and NFTs.”

As we know, these new technologies are profitable and inexorably attract companies to capitalize on them.

Beyond the collectible and speculative aspects, it is questionable whether the use of a license intended for children brings real value to the NFT industry, and vice versa.

The first fans of this type of license are generally not familiar with the cryptosphere and therefore cannot exploit this type of product.

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