What Happened: Toy retailer Toys “R” Us is launching a new collection of NFTs based on its Geoffrey the Giraffe character. The launch comes in partnership with creative agency Anybodies and with NFT platform Magic Eden, which has been a leader in the space.
The company will launch 10,000 “digital collectibles” on the Solana (CRYPTO: SOL) blockchain. A Twitter thread also said the $GCoin token will be launched and can be earned by staking the digital collectibles, attending events, shopping online and in-store and by interacting with specific toys.
Toys “R” Us plans to offer unique experiences for holders of the NFTs and will use NFT, NFC and augmented reality technology to help bring toys into games and other mediums.
“A campaign to collaborate with your favorite NFT projects, bringing their collections to life as limited-edition physical collectible toys” is also mentioned by Toys “R” Us.
The toy retailer plans to launch stores inside games that will allow the buying, selling and trading of physical and digital toys.
Why It’s Important: Toys “R” Us is one of the most iconic toy brands in North America. Known for its slogan, “I don’t want to grow up, I’m a Toys 'R' Us kid,” the company is well known and loved by fans of many ages. The brand has history dating back 70 years.
After declaring bankruptcy in 2017, Toys “R” Us later restructured and came back with the Tru Kids brand and a plan to bring back a retail presence. Brand management company WHP Global now owns a controlling stake in Toys “R” Us and launched a retail partnership with Macy’s Inc (NYSE:M) to bring the brand back inside Macy’s stores.
Macy’s and Toys “R” Us partnered with NFT brand VeeFriends on a collectible partnership that brought toys based on the iconic NFT collection from Gary Vee inside stores and online.
The move by Toys “R” Us coincides with Reddit launching avatars called digital collectibles that may have onboarded more people to the Web3 space.