NFTs For Kids Take Surprise Gift Bags Into The Digital Realm
Image via Cryptoys
Technology is evolving faster than many can keep up with it, and one of the newest things to come from this year’s developments are non-fungible tokens (NFTs). These are unique digital assets purchased with cryptocurrency, and ownership of such a token is unmistakably minted onto the blockchain.
With their explosive popularity and the way they have cemented themselves as an integral part in the tech, finance, art, and seemingly every other industry’s sectors, it looks like NFTs are going to be here to stay for a while.
Might as well get the next generation involved.
Enter ‘Cryptoys’, the newest product of Miami-based OnChain Studios. On Monday, the team announced that it had raised US$7.5 million to build an NFT-native digital toy company for the children of tomorrow.
Company co-founder Will Weinraub explains that the origin of the idea stemmed from his daughter, who really liked collecting blind boxes of toys. These give the buyer a few options of what could be inside, but the actual design isn’t revealed until the box is purchased and opened.
The thing with physical toys is that after the minute-long excitement wears off, they’re often put onto a shelf and forgotten about soon after. But by digitizing a product like this, it can live almost forever.
Hence Weinraub’s idea: “blind bags on the blockchain.”
Image via Cryptoys
‘Cryptoys’ are described by the team to be the next generation of toys: digital ones. They live on the blockchain, and will be fully interactive. As time goes on, they’ll be able to evolve and unlock new elements, such as games and experiences. Most importantly, because they’re NFTs too, they are belong entirely to the player.
These, when released from their ‘CryptoyCubes’—the digital equivalent of packaging; or the “blind bag” aspect—will comprise digital products, or toys, and be released in “drops” akin to NFT art products. As time goes on and more characters and toys are revealed, the universe will expand and open up even more possibilities in the future.
Image via Cryptoys
“Simply put, we want to build the most entertaining & accessible NFTs for collectors,” Weinraub states. “Cryptoys will blend aspects of gaming, collectibles, and entertainment to create something incredibly unique that we (& our kids!) can be proud of.”
[via The Miami Herald, images via Cryptoys]
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