OnChain Studios has raised $7.5 million in a seed round led by Andreessen Horowitz (a16z) to develop Cryptoys: a new non-forgeable token (NFT) platform that combines digital toys and games.
Cryptoys are interactive digital toys that consumers can buy, play with, collect and sell. They will soon launch on Flow, a blockchain designed for NFT collectibles and crypto games.Flow was developed by Dapper Labs, which also joined Draper & Associates, CoinFund, Sound Ventures, Collab + Currency and WndrCo participated in the funding round.
According to the official website, Cryptoys can “respond to you in a variety of ways, become smarter, and gain more skills the longer you interact with them.” Consumers can personalize Cryptoys with NFT costumes and accessories that can be purchased or sold, as well as grant new talents and abilities with gems. Consumers can play Cryptoys in games, apps and experiences in Cryptoverse, a blockchain-based virtual world.
OnChain Studios co-founder and CEO Will Weinraub founded the company earlier this year as a side project for his daughter, who is interested in the trend of blind bags and surprise open boxes in the physical toy industry. The other founders are Emilio Cueto, Alfonso Martinez, Freddy Oropeza and Jonathan Torres, who also make up OnChain’s executive team.
“Cryptoys is a perfect example of the compelling new NFT gaming and entertainment experience that has become possible with the advent of web3 – a fully interactive 3D universe with custom toys for each participant,” said a16z General Partner Arianna Simpson in a press release.” We’re excited to work with the world-class team at OnChain Studios to bring Cryptoys to life and introduce the fun of NFT gaming to a mainstream audience.”