NFTs for kids? These longtime Miami tech players are launching digital toys for tots
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.
“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.
In addition to the digital toys, the OnChain Studios team is also building a digital, open-world experience called The Cryptoyverse. It will allow users to play with their toys in a digital environment, with play-to-earn mechanics so that players can earn in-game items and rewards as NFTs as they continue to play.
In a statement, Will Weinraub, CEO and co-founder of OnChain Studios, said he initially created OnChain as a side project for his daughter who had become obsessed with the hottest trend in the physical toy industry: blind bags and surprise unboxings. Will asked her if she would be interested in a digital version that would “do more than just collect dust on the shelf.” Her excitement around that idea was the catalyst for creating Cryptoys.
Almost all of the rest of OnChain’s core team, which includes Emilio Cueto, Alfonso Martinez, Freddy Oropeza, and Jhonathan Torres, have South Florida connections.
“Miami is a huge part of this company,” Weinraub said in an email. ”Simply put: We would not be here today without the city and the support that we’ve received from the community throughout our careers. As kids growing up in Miami, we were always inspired by a city that consistently promoted innovation, creativity, entrepreneurship and hard work — things we now live by at OnChain Studios.”
Cryptoys’ home is www.cryptoys.io
