NFT gaming platform Cryptoys secures $23M in a Series A funding round

Cryptoys, a gaming platform targeting non-fungible tokens, has secured $23 million in a Series A funding round. The funding round was spearheaded by Andreesen Horowitz, one of the largest venture capital funds globally.

Andreessen Horowitz leads $23M funding round for Cryptos

Cryptos raised the amount alongside its parent company, OnChain Studios. Besides Andreessen Horowitz, the other firms participating in the funding round include Acrew Capital, Animoca Brands, Dapper Labs, CoinFund, Mattel, Sound Ventures, and Draper & Associates.

The CEO of OnChain Studios, Will Winraub, commented on the development, saying, “We set out to reimagine what the concept of a “toy” actually is and how digital mediums can allow us to go beyond physical constraints to achieve new levels of play and interactivity.”

The company has said it will use the raised funds to create a gaming universe revolving around non-fungible tokens (NFTs). The universe will host play-to-earn games, and it will also allow players to interact with collectible toys.

Cryptoys has also said that it will work on a new animated series. The announcement said that the company had secured a partnership deal with Mattel to release playable avatars that can be traded as NFTs.

The details of this deal have yet to be disclosed. However, Mattel is a known name in the NFT sector. Some popular products that have worked alongside Mattel include Barbie, Polly Pocket, and Hot Wheels.

Besides launching these avatars, the company is also planning to unveil three signature characters from its original series after the platform is launched this summer.

The gaming platform will be created in the Flow blockchain supported by Dapper Labs. The Flow blockchain is behind some of the most popular NFT collections, such as the NBA Top Shot. NBA Top Shot is a leading NFT platform targeting basketball fans. NBA Top Shot has generated around $1 billion worth of sales.

Growth of NFTs

The NFT sector has attracted massive popularity despite the ongoing recession across the market. While the floor prices of NFTs have dropped in response to the market crash, these digital collectibles are still attracting interest from top venture capital firms and securing strategic sponsorship deals.

Binance recently secured a strategic partnership with Manchester United player Christiano Ronaldo. The partnership revolves around an NFT project. Ronaldo will be joining the list of professional players that have ventured into NFTs.