Cryptoys, a NFT-based startup announced that it raised $23 Million in a Series A round of funding led by a16z. The company will combine NFTs with virtual toys to create a “cryptoyverse” where it will implement play-to earn features and issue its tokens.
NFT markets are currently in a slump phase, which is impacting NFT project popularity and prices. There are still projects that have survived and thrived. Cryptoys is one such startup. It has just announced that it had closed a successful funding round.
The Series A round of funding raised $23M and was led by a16z cryptocurrency. Other companies and firms were represented, including Mattel and Draper Labs and Draper & Associates. Acrew Capital, Coinfund and Animoca Brands also participated.
These funds will be used by the company to develop its platform, “cryptoyverse”, which aims at entice a younger crown with NFTs, play-to earn services, and play-to-earn. It is built on the Flow blockchain tech, the same tech used Dapper Labs for its well-known NBA Top Shot app.
Cryptoys CEO Will Weinraub spoke out about the inclusion of younger players in the play-to-earn platform and gaming platform.
It is necessary to step back from Web3 maximalism. It’s important to start small to get millions or millions of people on board with these new paradigms.
Arianna Simpson, general partner of A16z who also participated in the seed round, stated.
The Cryptoys team’s high-quality storytelling and creative work is sure to excite and delight the next generation.
Operation and Partnerships
It also stated that it will pursue other activities, such as gaming activities in which users can win NFTs to gain access to the platform. The platform plans to issue two tokens for monetization: Binary Dust and Toyken.
Cryptoys has recently entered into a partnership agreement with Mattel. Mattel also contributed to this funding round. This partnership will allow Cryptoys to bring some of its classic toys into the world. reports suggests that these IPs could include toys such as Hot Wheels, Barbie and Masters of the Universe. However, none of this has been confirmed by the company. These avatars will be sold to be used in Cryptoys’ cryptoyverse.