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23 Jun 2022

a16z leads $23 million funding round for NFT gaming platform Cryptoys

Cryptoys, an NFT-native gaming platform, announced Thursday that it has closed a $23 million Series A, along with its parent company OnChain Studios, led by Andreessen Horowitz.

Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands, and Sound Ventures also participated in the round.

The company plans to use the funds to build an NFT-based gaming universe that will enable users to interact with collectible toys and play-and-earn games. It also plans to release an original animated series. The firm has partnered with toy manufacturer Mattel to develop digital toys that bring its portfolio of toy brands to the Flow blockchain.

When the platform launches later this summer, the company plans to introduce three signature characters from its original series.

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