Mattel to release NFTs on the Flow blockchain following Cryptoys partnership

American toymaking brand Mattel recently inked a multi-year partnership deal with NFT marketplace Cryptoys allowing it to feature its future NFTs on the platform. Earlier this week, Cryptoys had teased the partnership with a short video of Mattel’s old advertisements on Twitter.

Mattel is a brand behind popular intellectual properties like Barbie, Hot Wheels Thomas the Engine, and more, which could make appearances as playable NFTs in Cryptoys' upcoming 'expansive and playable' Metaverse on the Flow blockchain.

Cryptoys is the core product of OnChain Studios and has received funding from crypto-centric venture capital firms including Andreessen Horowitz (a16z) and Dapper Labs. It is expected to make its debut on the Flow blockchain in the late summer of this year with its original NFT character drops prior to Mattel’s release.

'We see incredible opportunity in the metaverse for our cherished brands and iconic IP,' Mattel President and COO Richard Dickson said about the partnership. This was after he claimed the brand was the 'first toy company to launch NFTs.'

Cryptoys describes its upcoming debut NFTs as 'interactive' animal NFTs that can be customised with other accessory NFTs like hats, shoes, and glasses.

'At Cryptoys, we’re building an NFT-native digital toy company from the ground up,' the company’s website reads.

This partnership is hardly Mattel’s first brush with NFTs. Back in mid-2021, the toymaker issued a collection of Hot Wheels NFTs in collaboration with the WAX blockchain. In January, Mattel also auctioned three exclusive NFTs for a Barbie collaboration with the luxury fashion brand Balmain.

Following Mattel’s foray into the NFT space last year, competitors in the toy industries also hopped on the bandwagon. A few months after Mattel’s collection, pop culture toymaker Funko released a Teenage Mutant Ninja Turtle NFT.

Hasbro also followed suit in October 2021, debuting with a Power Rangers NFT collection.

Cryptoys and Mattel’s NFTs will join other popular projects on the Flow blockchain including NBA’s Top Shot and UFC’s Strike.

Photo: Google Images