Cryptoys, an NFT-based startup, announced that it has raised $ 23 million in a series A round led by a16z. The company, which is trying to mix NFTs with the world of games and virtual toys, will create so-called “cryptoyverses”, implement Play-to-Earn functionality, and issue their own tokens.
Cryptoys Raises $ 23 Million in Series A Round
The NFT market has recently faced a downturn that is affecting prices and the popularity of NFT projects. However, there are projects that are somehow floating and even prosperous. One of them is Cryptoys, an NFT startup that announced the success of its funding round.
The Series A funding round, which raised $ 23 million, a16z cipherWith the participation of other companies and companies such as Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, Sound Ventures.
The company will use these funds to further develop its own platform called “cryptoyverse”. It aims to seduce young crowns and engage in NFT and play-to-earn services on the Flow blockchain. Dapper Labs Deploy the well-known NBA Top Shots app.
Regarding including young users in this Play-to-Earn and gaming platform, Cryptoys CEO Will Weinraub said:
We need to step back from all of this Web3 maximalism. We need to take a step for babies to lead millions of people to these new paradigms.
Arianna Simpson, general partner of a16z and also participated in the company’s seed round, Said:
The high creativity and storytelling abilities of the Cryptoys team are ready to please 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 that allow users to acquire NFTs and participate in the platform. For monetization, the platform plans to issue a pair of tokens, Toyken and Binary Dust.
Cryptoys recently partnered with Mattel, who also contributed to this funding round, bringing some of the company’s classic toy lines to the world.according to Report, These IPs may include toys such as Hot Wheels, Barbie, Masters of the Universe, but have not been confirmed by the company at this time. These are sold as avatars used in Cryptoys’ cryptoyverse.
What do you think of Cryptoys’ $ 23 million Series A funding round? Please let us know in the comments section below.
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