Toy brand Mattel recently announced a partnership with non-fungible token (NFT) platform Cryptoys to turn its iconic intellectual property, which includes Barbie and Hot Wheels, into avatar-like digital collectibles for use in games. This week, the children’s channel Nickelodeon began promoting its first NFT experience, which is expected to launch this Summer. The developments highlight the increasing scope of NFTs as children’s entertainment products.
Cryptoys, was developed by Miami-based OnChain Studios, which is backed by Andreessen Horowitz and Dapper Labs, amongst others. Using the Flow blockchain, it’s targeting the casual web game sector as opposed to a fully immersive 3D metaverse experience. Mattel and Cryptoys are interested in exploring how NFTs can become the foundation for the “future of toys”, where users buy a virtual Barbie to play within a game.
“We want to be at the forefront of that evolution of toys in both the physical and digital worlds,” Mattel’s president, Richard Dickson, told Fast Company. “Our business leads us to wherever the consumer is, and that includes the metaverse and NFTs.”
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