Waning toy store giant Toys “R” Us is bridging toys and web3 with new partnerships, including a Geoffrey the Giraffe NFT collection and more. Holders of the NFT will gain access to “unique” phygital experiences. Launching December 9th, the retail store is partnering with Anybodies, a creative agency aiding NFT collections to revive the passion for toys.
Geoffrey the Giraffe Jumps into Web3
Physical toys have had a tough time lately, as recent reports found that kids would prefer to have digital currencies for games like Roblox or Fortnite than physical cash—meaning they’re more likely to be buying digital goods.
Competing for attention has never been harder for toy retailers, so Toys “R” Us' decision seems well-timed. Branching out into the digital space with unique experiences, NFTs and gamified worlds could be a good step for Toys “R” Us to reconnect with their now-tech-savvy young audience, regaining some of their lost glory.
So in comes the toy store’s NFT collection, featuring brand mascot Geoffrey the Giraffe. Made up of 10,000 playful pictures of Geoffrey launching on the Solana blockchain, the collection will be available on NFT marketplace Magic Eden. The NFTs are also expected to grant unique access to events and experiences, and locations.
The brand will also partner with existing NFT collections, bringing the digital collectibles to life as limited edition toys. The company’s website even features a 2D ‘metaverse’-like space, hinting at other experiences and facets to the partnership with Anybodies.
From Toys AR Us to Tokenomics
Another surprising part of the partnership is that Toys “R” US is “Creating next-gen toy ownership with Anybodies using NFT, NFC and AR technology to bring toys into your favorite games, social media etc”. We can expect to see Augmented Reality used to interact with toys, as well as NFT-linked physical toys offering additional utilities and perks.
Toys “R” Us will even be launching a utility and access token, $GCOIN, though the token economics remain a mystery. Apparently, holders of Toys R Us NFTs will be able to ‘stake’ (or ‘lock up’) their collectibles, earning $GCOIN in return.
The token will also be awarded to those attending special Toys “R” Us events, as well as purchasing through their store. Users can expect to be able to use the token to spend it in their brand new Web3 marketplace, which will offer both physical and digital toy-trading. Somehow, they also suggest a “try before you buy” toy option—which might be facilitated through AR.
While the retail store’s new strategy might seem like a risk, it’s easy to see they aren’t playing around.