An interactive gaming toy is provided for playing a game having both physical and virtual gameplay elements. The gaming toy comprises a physical toy, such as a toy wand, doll or action figure, having an RFID tag pre-programmed with a unique identifier that identifies the toy within an associated computer-animated game. The RFID tag stores information describing certain attributes or abilities of a corresponding virtual character or object in the computer-animated game. Additional information may be stored on the RFID tag as the corresponding virtual character evolves or changes over time based on player performance and/or gameplay progression. The interactive gaming toy thus allows developed character attributes and the like to be stored and easily transported to other games and compatible gaming platforms. One or more optional auxiliary components may be attached to the gaming toy to selectively create a modified gaming toy having additional desired functionality and/or aesthetics.