The mascots for the London 2012 Olympics will be used as part of an education programme to help draw children in to the Olympics and sport as well as acting as a marketing tool for the event.
The mascots will be a key money-spinner for London 2012 which must raise £2bn from the private sector to stage the games.
London 2012 organisers created a cartoon about the two alien-like creatures, which are called Wenlock and Mandeville.
Children's writer Michael Morpurgo has been signed up to build a background story for the characters.
According to the story, which is called Out of the Rainbow, Wenlock and Mandeville were crafted by a character called Grandpa George from the last drops of steel used to build the Olympic Stadium.
Watch the cartoon story of the mascots here
Stressing its aim to engage youngsters in sport, London 2012, opted for the abstract shapes when focus groups of children said they were not interested in a human or animal mascot.
The mascots also have a range of design features to try to help make them fit for children living in the digital age, according to Grant Hunter, creative director of the design team.
Creating the mascots was a 20-month process, according to Mr Hunter. He said: 'I love them but more importantly the kids love them. They are bold and striking and this is just the start of the journey.'
Both mascots have a single eye, which is a camera. The idea is that this can capture the people they meet, the places they go and the sports they try on their journey to 2012.
Wenlock's head is shaped like an Olympic podium, representing the three medals won in each Olympic event.
He also wears friendship wristbands in the five Olympic colours.
Mandeville's head is shaped like a helmet. It is aerodynamic and features the three Paralympic colours. Mandeville also has a personal best timer to help him keep track of performance.
Both mascots have a black taxi light in their heads. 'This was to make it a little bit more London so that the children get it. A taxi is a London icon,' said Lord Coe, London 2012 chairman.
The mascots' names hark back to Britain's Olympic and Paralympic history.
Wenlock is named after the Shropshire village of Much Wenlock. It is where the Wenlock Games was one of the inspirations for Baron Pierre de Coubertin, founder of the modern Olympic movement, to create the Olympics.
Mandeville's name is inspired by Stoke Mandeville in Buckinghamshire.
Dr Ludwig Guttmann went to Stoke Mandeville Hospital to set up a new spinal unit to help former soldiers suffering from spinal cord injuries in the 1940s.
Looking for ways to inspire those in his care, he encouraged them to take up sport, leading to the formation of the Stoke Mandeville Games, which are widely recognised as a forerunner of the modern Paralympic movement.
International Paralympic Committee President Sir Philip Craven described Mandeville as 'marvellous' and 'unique'.
He said: 'During its journey in the upcoming two years, Mandeville will report about the Paralympic Movement and inspire people to learn about the Paralympic values and achievements of Paralympic athletes. I am sure that it will be loved by children all over the world.'
Wenlock and Mandeville visit St Paul's School in Tower Hamlets, London
Later this year an online tool will enable people to create their own version of Wenlock and Mandeville.
Over the next two-and-a-half years further versions, inspired and created by sportspeople, celebrities and the public, will be regularly featured on the London 2012 website and special edition collectables and toys will be made available for sale.
The public will be able to choose which sports Wenlock and Mandeville experience first on the mascot website.
London 2012 has also been working with deaf people in London to develop new sign names for Wenlock and Mandeville, which can easily be adopted by British and international sign language users.
British schoolchildren are being asked to come up with interesting reasons for the mascots to visit their school.
The most interesting invites will determine the route across Britain that the mascots will take in the run-up to the 2012 Games.
