Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which aims to combine NFTs with the worlds of gaming and virtual toys will create a “cryptoyverse” where it will implement play-to earn features and issue its tokens.
Cryptoys Raises $23 Million in Series A Round
The NFT market is in a slump phase, which is affecting both the prices and popularity of NFT project. 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 funding round, which raised $23 million, was led by a16z crypto, with the participation of other companies and firms including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures.
The company will use these funds to further develop its own platform, dubbed “cryptoyverse,” which aims to entice a younger crown to engage with NFTs and play-to-earn services on top of the Flow blockchain, the same tech used by Dapper Labs to deploy its well known NBA Top Shot app.
Cryptoys CEO Will Weinraub spoke out about the inclusion of younger users on this gaming and play-to-earn platform.
You have to step back from the Web3 maximalism. It’s necessary to start small to get millions or millions of people on board with these new paradigms.
Arianna Simpson, a general partner of a16z, who also participated in the seed round of the company, stated:
The high-quality storytelling and creative work of the Cryptoys team will delight and excite future generations of collectors and consumers.
Operations and Partnerships
The company also stated that it will pursue other activities such as gaming, where users can win NFTs in order 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. This funding round also saw the addition of some of the company’s classic toys. According to reports, these IPs might include toys like Hot Wheels, Barbie, and Masters of the Universe, but none have been confirmed as of yet by the company. These avatars will be sold to be used in Cryptoys’ cryptoyverse.
What do you think about Cryptoys’ $23 million Series A funding round? Please leave your comments below.
Sergio Goschenko
Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, and he lives in Venezuela. This has influenced him to offer a different perspective on crypto success and how it can help the underbanked and unbanked.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.
Read More