Rainbocorns won the coveted 2020 Toy of the Year (TOTY) award for People's Choice. The Toy Association, the trade association for toy manufacturers, distributors, and retailers, created the TOTYs to honor the best new toys on the market. Since 2000, TOTYs have signaled out the top toys in a number of categories. In 2020, the Toy Association honored toys in 18 categories including people’s choice, action figure, collectible, construction, doll, and game, among others. From among the winners in each TOTY category, officials select one, single, best overall Toy of the Year. Award winners receive their honors at a celebration in New York City held at the start of the toy world's annual trade show, Toy Fair.