Fun

Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys

News Feed - 2022-06-28 02:06:16

Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys


Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round 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. Cryptoys Raises $23 Million in Series A Round


The NFT market is facing a slump phase that is affecting prices and the popularity of NFT projects recently. However, there are projects that have managed to stay afloat and even thrive. One of them is Cryptoys, an NFT startup that has announced the completion of a successful 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:


You have to take a step back from all of this Web3 maximalism. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.


Arianna Simpson, a general partner of a16z, who also participated in the seed round of the company, stated:


The high caliber of creative and storytelling from the Cryptoys team is primed to delight and excite the next generation of consumers and collectors. Operations and Partnerships


The company also announced that it would pursue alternative activities, including gaming activities where users can win NFTs to get onto the platform. For monetization, the platform is planning to issue a pair of tokens, Toyken and Binary Dust.


Cryptoys recently entered a partnership with Mattel, which also contributed to this funding round, to bring some of the classic toy lines of the company into its world. According to reports, these IPs might include toys like Hot Wheels, Barbie, and Masters of the Universe, but none have been confirmed as of yet by the company. These will be sold as avatars to be used in Cryptoys’ cryptoyverse. Tags in this story A16Z, cryptoys, funding round, Metaverse, nft, play to earn, Series A


What do you think about Cryptoys’ $23 million Series A funding round? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Meta Launches Meta Pay, a Metaverse Dedicated Digital Wallet METAVERSE | 21 hours ago Tencent Launches Extended Reality Unit to Tackle the Metaverse Market METAVERSE | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFBI Arrests 2 Men Planning ‘Violent’ Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison Next articleZimbabwe to Hike Benchmark Rate to 200%, Central Bank Minted Gold Coins to Act as Store of Value Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx Deepens
India Freezes More Crypto Including Bitcoin and Tether as Investigation Involving Binance and Wazirx Deepens India’s Directorate of Enforcement (ED) says it has frozen more
Turner Wright11 hours agoTornado Cash lawsuit judge sides with US Treasury in motions for summary judgmentCompeting motions for summary judgment saw a federal judge rule the U.S. Treasury was within its authority to decl
Brayden Lindrea37 minutes agoCrypto exchange Binance reopens exchange services in BelgiumIn June, Binance was ordered to halt its services in Belgium "with immediate effect," leading to the exchange redirecting
Ukraine’s Government Launches Official Website for Cryptocurrency Donations
Ukraine"s Government Launches Official Website for Cryptocurrency Donations The Ukrainian government has launched an official cryptocurrency donation website to raise funds in supp
SEC Chair Gensler Wishes Satoshi Nakamoto’s Bitcoin Whitepaper Happy Birthday — Says Let’s Make Sure Crypto Investors Get Proper Protection
SEC Chair Gensler Wishes Satoshi Nakamoto"s Bitcoin Whitepaper Happy Birthday — Says Let"s Make Sure Crypto Investors Get Proper Protection The chairman of the U.S. Securities an
Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says Report
Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says ReportCommercial banks by far pose the greatest risk of money laundering in Mexico compared to crypto-rela
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report Bitcoin will mature into a gold-like store of value this year, according to the latest projections by Bloomberg. The financ
Shellfish Plant Is Putting Scallops on IBM’s Food Tracking Blockchain
A seafood plant is working with IBM to track the provenance of fresh scallops using blockchain technology. The Raw Seafoods plant in Fall River, Massachusetts, is collaborating with
New Telegram mini-apps will be so convenient users won’t know it’s crypto
Derek Andersen5 hours agoNew Telegram mini-apps will be so convenient users won’t know it’s cryptoTON Foundation’s Justin Hyun tells Cointelegraph about the benefits of Tether’s launch on the TON chain.4672 Total
Daniele Bernardi10 hours agoDemand is driving the price of Bitcoin to $130KData that accurately predicted when Bitcoin would decline in 2021 now indicates that it will climb to $130,000 — and possibly higher.9846 Total
Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum
Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum The American firm that produces Bazooka chewing gum, candy, and collectibles, Topps has announced the com
Dubai Regulator Announces Virtual Assets Marketing and Advertising Guidelines
Dubai Regulator Announces Virtual Assets Marketing and Advertising Guidelines The Dubai virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digita