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Posted October 29 , 2021

 

A group of veterans of the Miami tech scene have banded together to create a pioneering concept: NFTs for kids.

Cryptoys is the new, marquee product of OnChain Studios, the latest venture from the founders of stalwart Miami chat startup LiveNinja, which was acquired in 2017. OnChain describes itself as a digital-first, NFT-native studio that hopes to “engage, entertain and empower the next generation of collectors of all ages around the world.” The 22-employee team, it says, “is reimagining what a world-class toy company looks like today.”

OnChain and Cryptoys announced Monday that it had raised $7.5 million in an investment round led by venture titan Andreessen Horowitz, with investments from from Miami-based Pareto Holdings, as well as Draper & Associates, CoinFund, Sound Ventures, Dapper Labs, Collab + Currency and WndrCo.

{mprestriction ids="1,4,9"}“Cryptoys is a perfect example of the compelling new NFT gaming and entertainment experiences that are now possible with the advent of web3 — a fully-interactive 3D universe with custom toys for each participant,” said Arianna Simpson, General Partner, Andreessen Horowitz, in a statement. “We’re thrilled to partner with the world-class team at OnChain Studios to bring Cryptoys to life and introduce the joys of NFT gaming to mainstream audiences.”

Cryptoys’ first series of “drops” or digital products will feature an original line of characters, with its universe expanding as the company grows. A number of well-known brands are also exploring ways to leverage the Cryptoys platform to turn their products into fully-interactive, original digital toys as NFTs, OnChain said.

 

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