NFT-based startup Cryptoys has announced it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to mix the two, will create what it calls a “cryptoverse,” in which it will also implement playturn functionality and issue its own tokens.
Cryptoys Raises $23 Million in Series A Round
The NFT market has recently faced a slump phase affecting prices and the popularity of NFT projects. However, some projects have managed to stay afloat and even thrive. One such project is Cryptoys, an NFT startup that announced a successful funding round.
The Series A funding round, which raised $23 million, was led by a16z crypto and was joined by other companies and firms including Mattel, Dapper Labs, Draper &Acrew Capital, Coinfund, Animoca Brands, Sound Ventures, and others.
The company used these funds to further develop its own platform, dubbed “cryptoyverse,” the same technology Dapper Labs used to deploy its well-known NBA Top Shot app, the Flow Blockchain on top of which we aim to attract young crowns involved in NFT and play-to-earn services.
Regarding the inclusion of young users in this play-to-earn and gaming platform, Cryptoys CEO Will Weinraub said.
You have to step back from all of this web3 maximalism. You need to take baby steps to lead millions of people into these new paradigms.
Arianna Simpson, general partner of a16z and a participant in the company’s seed round, said:
The high level of creativity and storytelling by 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 will pursue alternative activities such as gaming activities where users can earn NFTs and participate in the platform. For monetization, the platform plans to issue two tokens, Toyken and Binary Dust.
Cryptoys recently partnered with Mattel, which also contributed to this funding round, to bring some of its classic toy lines into its world.46} reportsThese IPs include Hot Wheels, Barbie, and Masters of the Universe, but none have been confirmed by the company at this time. These will be sold as avatars for use in Cryptoys’ Cryptoverse.
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