Cryptoys is an NFT-based startup that announced it had raised $23 Million in a Series B funding round. It was led by a16z. The company, which seeks to mix NFTs with the world of gaming and virtual toys, will create what it calls a “cryptoyverse,” in which it will also implement play-to-earn features and issue its own tokens.
Blockchain company Cryptoys raised $23M in Series A Round
NFT markets are currently in a downturn, which is impacting both the market and NFT project popularity. There are still projects out there that can survive and thrive. Cryptoys is one such startup. It has just announced that it had closed a 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.
About the inclusion of younger users in this play-to-earn and gaming platform, Cryptoys’ CEO Will Weinraub stated:
To get rid of all the Web3 hyperbole, you have to stop looking at it from afar. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.
Arianna Simpson is a general partner at a16z and also took part in the seed round. stated:
Cryptoys is a team that excels in storytelling and creativity and will delight collectors and consumers alike.
Operations and Partnerships
It also stated that the company would explore other activities such as gaming, where customers can earn NFTs in order to gain access to its platform. The platform plans to issue two tokens for monetization: Binary Dust and Toyken.
Cryptoys entered into an agreement with Mattel to expand its classic line of toys. The IPs may include Barbie and Hot Wheels toys. However, no confirmation has yet been made by the company. These will be sold as avatars to be used in Cryptoys’ cryptoyverse.
What do you think about Cryptoys’ $23 million Series A funding round? Comment below.
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