Mattel to Launch Cryptoys NFTs

It is no secret that the NFT-loving crowd tends to be on the young side. As the recent Seton Hall study shows, those who are most enthusiastic about NFTs are in the 18 to 25 age range. 

Now, it seems that the NFT crowd is about to get a lot younger. This comes as Mattel, an iconic toy company, has announced the incoming launch of its cryptoys. These ‘cryptoys’ will be playable NFTs that are targeted toward children and younger people.

Playing in the Metaverse

Most of us might know Mattel as the company behind popular children’s toys like Barbie and Hot Wheels. Now, the company will be making yet another appearance in the metaverse using NFTs.

In the past, the company released NFTs of the Hot Wheels franchise and this led to other toy makers making the leap. This new NFT release, however, will be a result of a partnership between Mattel and OnChain, a Web3 company. 

Through this partnership, the NFTs will be released on the Flow blockchain. As per the Cryptoys website, customers can expect to enjoy interactive collectibles, Play-to-Earn games, and immersive next-level experiences.

Keep in mind that Mattel’s IP roster has some of the most recognizable toy franchises in the world and these can be easily translated into NFTs. 

“We see incredible opportunity in the metaverse for our cherished brands and iconic IP,” Mattel President and COO Richard Dickson says about this new development.

Given how much overlap there has been between NFTs and gaming, a foundation already exists for Mattel. At the same time, Dickson acknowledges in a statement to the Fast Company that the way children are playing has changed over time. 

In the past, a physical Hot Wheels or Barbie toy would have been the first choice for children. These days, kids are playing with mobile devices and accessing their favourite franchises in the digital world. 

Having been a giant in children’s entertainment for decades, Mattel’s foray into NFTs can be seen as a way of meeting the modern child where they are.

“No doubt about it, the playground is expanding. We want to be at the forefront of that evolution of toys in both the physical and digital worlds . . . our business leads us to wherever the consumer is, and that includes the metaverse and NFTs,” Dickson said.

The company has not yet confirmed which of its intellectual properties will be turned into NFTs.

The Digital Playground

Every sector of human life has evolved over the years and children’s entertainment is no different. While children, of course, still play with physical toys, the stereotype of the modern child playing on their iPad exists for a reason. 

With new projects like Cryptoys, this new market of tech-focused children is certainly going to be served. This, along with projects like the incoming Looney Tunes NFT project, also means that many iconic IPs that are popular with children will be getting a digital upgrade and finding their way into the metaverse.

Tokoni Uti

Tokoni Uti

Tokoni Uti is a freelance writer from Lagos, Nigeria who has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.

Show all posts from