Mattel Moves Into the Metaverse with “Cryptoys” NFTs

Credit: Cryptoys / Mattel

Mattel is shifting gears from toy manufacturing to NFT minting. 

According to a recent announcement, Mattel will create NFTs associated with its cherished toy brands for OnChain Studios’ “Cryptoys” project. Both Cryptoys’ and Mattel’s NFTs will be available on Dapper Labs’ Flow blockchain. 

Cryptoys is an “NFT-native” toy brand that’s developing a collection of metaverse-ready animal NFTs. OnChain Studios claims these cute 3D creatures could be used as avatars in upcoming games, and each Cryptoy will evolve over time. 

Anyone with a Cryptoy NFT could buy, use, or trade countless NFT accessories. It’s unclear whether Mattel’s IP will have anything to do with these NFT wearables. 

Cryptoys teased its partnership with Mattel on its Twitter feed a few days before the official announcement. On June 8th, the NFT toy project posted a clip that shows the “evolution” of toys from vintage TV ads to the Cryptoys metaverse. 

Most reports suggest OnChain Studios will release its first Cryptoys NFT avatars in mystery boxes (aka “CryptoyCubes”) in the summer. It’s expected Mattel’s NFTs will drop shortly after the genesis Cryptoys appear. 

Toy Brands Expand Into the Metaverse 

Mattel’s deal with OnChain Studios is a significant development in the toy brand’s Web3 plans. However, Mattel has already experimented with bringing its iconic toys to the NFT market. 

In 2021, Mattel dropped a highly successful NFT collection based on its Hot Wheels matchbox cars. Indeed, the first “Garage Series” NFTs were so popular that Mattel decided to release Hot Wheels “Garage Series 2” this year.  

In early 2022, Mattel agreed to bring Barbie into the metaverse on the platform mintNFT. Each of the three dolls in this first Barbie NFT drop had clothes designed by the Paris-based fashion company Balmain.  

Mattel execs claim their company is “the first” major toy manufacturer to mint NFTs. While this statement is debatable, there’s no question that other established toy companies are getting involved with Web3. 

For instance, Hasbro made big news when it brought its Power Rangers action figures to the WAX blockchain. Leaders at Hasbro also continue to tease an NFT card game based on “Magic: The Gathering.”

Funko is another brand that now offers its famous figurines as digital collectibles. In 2021, Funko announced its “Digital Pop!” platform where fans could buy and trade Funko-inspired NFTs.   

Rarity Sniper also discovered that LEGO is working with Fortnite’s Epic Games to create a kid-friendly metaverse. We don’t have many specifics on this project, but LEGO constantly mentions its digital experience will be “immersive.” 

It appears all of the world’s most valuable toy brands are working hard on their Web3 strategies.