Mattel is getting into NFTs.
The toymaker will partner up with Web3 company OnChain Studios to develop an NFT platform called Cryptoys for the Flow blockchain.
NFTs are blockchain-based tokens that show ownership over digital or physical assets.
“We see incredible opportunity in the metaverse for our cherished brands and iconic IP,” Mattel President and COO Richard Dickson said in a statement.
Cryptoys—in their first iteration, at least—are described as “interactive” animal NFTs that can be accessorized with additional NFTs of hats, shoes, and glasses. Like Barbie or American Girl dolls, Cryptoys will be a customizable collectible—but on the blockchain. There will also be an “expansive and playable” metaverse, according to a press release describing the multi-year partnership.
Cryptoys will launch with original character drops this summer, and Mattel will release its NFTs soon after.
“At Cryptoys, we’re building an NFT-native digital toy company from the ground up,” the company’s...
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