Mattel switches from toy production to NFT coins.
According to a recent announcement, Mattel will create NFTs related to its beloved toy brands for OnChain Studios’ “Cryptoys” project. Both Cryptoys and Mattel NFTs will be available on Dapper Labs’ Flow blockchain.
Cryptoys is an “NFT-native” toy brand developing a collection of metaverse-ready animal NFTs. OnChain Studios claims that these adorable 3D creatures can be used as avatars in upcoming games, and each Cryptoy will evolve over time.
Anyone with a Cryptoy NFT can buy, use or trade numerous NFT accessories. It’s unclear if Mattel’s IP address has anything to do with these NFT wearables.
Cryptoys teased his partnership with Mattel on his Twitter feed a few days before the official announcement. On June 8, the NFT Toys Project posted a clip showing the “evolution” of toys, from vintage TV ads to the Cryptoys metaverse.
Most reports suggest that OnChain Studios will release its first Cryptoys NFT avatars in mystery boxes (aka “CryptoyCubes”) in the summer. Mattel’s NFTs are expected to fall shortly after Cryptoys came into existence.
Toy brands expand into the metaverse
Mattel’s deal with OnChain Studios is a major development in the toy brand’s Web3 plans. However, Mattel has already experimented with bringing its iconic toys to the NFT market.
In 2021 Mattel released a highly successful NFT collection based on its Hot Wheels matchbox cars. Indeed, the first “Garage Series” NFTs were so popular that Mattel decided to release Hot Wheels “Garage Series 2” this year.
In early 2022, Mattel agreed to bring Barbie into the metaverse on the mintNFT platform. Each of the three dolls in this first Barbie NFT drop had clothes designed by Paris-based fashion company Balmain.
Mattel executives claim their company is “the first” major toy manufacturer to make NFTs. While this statement is debatable, there is no doubt that other established toy companies are getting involved in Web3.
Hasbro, for example, made big news when its… Power Rangers action figures to the WAX blockchain. Leaders at Hasbro also continue to tease an NFT card game based on “Magic: The Gathering”.
Funko is another brand that now offers its famous figurines as digital collectibles. In 2021 Funko announced its “Digital Pop!” platform where fans could buy and trade Funko-inspired NFTs.
Rarity Sniper also discovered that LEGO is teaming up with Fortnite’s Epic Games to create a kid-friendly metaverse. We don’t have many details about this project, but LEGO keeps mentioning that the digital experience will be “immersive”.
It seems that all the most valuable toy brands in the world are working hard on their Web3 strategies.