NFT-based start-up Cryptotoys has just closed the book on a $23 million Series A funding round led by a16z, with additional funding from Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures.
The company says it plans to use the newly-acquired funds to push forward with their “Cryptoverse,” which aims to mix NFTs with gaming and virtual toys. The company added that the Cryptoverse will implement play-to-earn features and eventually issue its own tokens.
Prior to the funding round, Cryptotoys had entered into a partnership with Mattel, who is looking to bring some if its classic toy lines to the Cryptoverse. Reports suggest these IPs might include Hot Wheels, Barbie, and Masters of the Universe, however nothing has yet been confirmed by either company.
It is expected that these, and/or other toys will be sold as avatars to be used in the Cryptoverse.
(All information was provided by Bitcoin.com)
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