VeeFriends NFT Characters to Be Sold as Toys at Macy’s, Toys”R”Us

This toy collection, which will launch on October 17, is intended to allow anybody and everybody to own a VeeFriends character.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 5 October 2022 15:17 IST

VeeFriends NFT Characters to Be Sold as Toys at Macy’s, Toys”R”Us

Photo Credit: Veefriends

VeeFriends NFT series features animated avatars of animals and humans made as astronauts and wizards

Highlights

VeeFriends was launched in June 2021
All VeeFriends NFTs come with special background songs and stories
Turning NFTs into physical items seems to be becoming a trend

The characters of popular non-fungible token (NFT) series VeeFriends are now being converted into physical toys for children. These toys will be available for purchase at multi-store chains Macy's and Toys”R”Us. Created by entrepreneur Gary Vaynerchuk, the NFT collection was originally launched in May 2021. The collection of digital collectibles features detailed animated avatars of animals as well as humans dressed as astronauts and wizards. VeeFriends reportedly holds the 20th position in terms of all-time NFT collection sales, having churned nearly $240.15 million (roughly Rs. 2,000 crore) in sales since the project launched.

This toy collection, which will launch on October 17, is intended to allow anybody and everybody to own a VeeFriends character, each with a unique QR code that would lead its owner to a 3D animated heartfelt short film or character song.

The verified Twitter handle of VeeFriends posted an official announcement along with a video of NFTs now turned into toys.

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We brought NFTs to life. Introducing VeeFriends x @macys @toysrus

Learn more: https://t.co/Dv0zXWVOm8 pic.twitter.com/qqzJfrg9QG
— VeeFriends (@veefriends) October 4, 2022

“VeeFriends aspires to bring value to our community — selected holders will get first access to claim the collection, and all of our community will get priority to RSVP at the in-store events. It's just one more way we want to connect with our community and show them the development of the IP behind the characters,” said Andy Kraniak, President of VeeFriends, in an official blog post.

The prices of these toys have been decided at $24.99 (roughly Rs. 2,000).

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NFTs have, in recent years, emerged as a popular element in the Web3 sector that are playing a crucial role in driving adoption of virtual digital assets.

The adoption of NFTs as physical items also seems to be picking pace as a trend.

Back in January, luxury jewellery brand Tiffany & Co. announced the sale of 250 pendants, embedded with diamonds and gemstones, inspired by CryptoPunks NFT pieces.

We're taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You'll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022

Launched in 2017, CryptoPunks is a popular NFT collection built by Larva Labs on the Ethereum blockchain. Digital collectibles from this series have 10,000 avatars of art characters resembling humans and animals. All the pieces are unique and differ from one another.

The sales of NFTs reached $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

NFTs or non-fungible tokens are digital collectibles that are built on blockchain networks, inspired by real-life stuff like clothes and shoes as well as virtual characters like games characters.

A total of $260 million (roughly Rs. 2,100 crore) has collectively been bagged by high-end luxury brands including Nike, Gucci, Dolce & Gabbana with the sales of their NFT pieces.

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Further reading: Cryptocurrency, NFTs, VeeFriends, Web3

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More