The last months have not been entirely favorable for the NFT market. It might not seem like the best time to launch NFT projects, let alone a platform aimed at kids. But still cryptoys raises $23 million to create a platform that will introduce the younger generation to the ideas of digital property through NFT. cryptoys is about cute pets with big eyes in hats and sunglasses.
Crypto in general is difficult for adult users, not to mention onboarding kids. Cryptoys will work around some of these complexities by partnering with Dapper Labs. They will launch their platform on the blockchain Flow. This blockchain offers a more streamlined user experience that allows users to bypass some of the typical barriers, including high gas fees, complicated wallet settings, and the inability to pay for credit card transactions.
Creating a blockchain that would be accessible to the younger generation is a controversial issue at the moment, since users registering on the platform must be over 18 years old. CEO Will Weinraub says there is a solution here too, as there are parent-controlled wallets that will directly allow young users to interact with the platform.
cryptoys announces that they recently completed a $23 million Series A round led by a16z Crypto, many other partners were also involved, including Mattel, Dapper labs, Draper & Associates, Acrew Capital, coinfund, Animoca Brands и Sound Ventures. In total, they have already raised $34 million in 4 rounds.
The funding will give parent company Cryptoys OnChain Studios some capital to implement a range of NFT-related features, including games where users will be able to earn NFT.
CEO cryptoys Will Weinraub says:
For parents who have been involved in NFT in recent months, it is fair to say that many of the investments did not turn out as profitable as expected, even though many of the companies involved received large salaries. When asked if the startup missed the historic NFT launch window? Weinraub counters and says that now is a much better time to launch products, as much of the hype has gone out of the market.
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