Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to mix NFTs with the world of gaming and virtual toys, will create what it calls a “cryptoyverse,” in which it will also implement play-to-earn features and issue its own tokens.
The NFT market is facing a slump phase that is affecting prices and the popularity of NFT projects recently. However, there are projects that have managed to stay afloat and even thrive. One of them is Cryptoys, an NFT startup that has announced the completion of a successful funding round.
About the inclusion of younger users in this play-to-earn and gaming platform, Cryptoys’ CEO Will Weinraub stated:
You have to take a step back from all of this Web3 maximalism. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.
The high caliber of creative and storytelling from the Cryptoys team is primed to delight and excite the next generation of consumers and collectors.
The company also announced that it would pursue alternative activities, including gaming activities where users can win NFTs to get onto the platform. For monetization, the platform is planning to issue a pair of tokens, Toyken and Binary Dust.
What do you think about Cryptoys’ $23 million Series A funding round? Tell us in the comments section below.
