The Oxy3 was the first yo-yo to be produced in large numbers for the American public by Carlo Menon's company, Oxygene. It sold for $115. Selling out quickly, the Oxy3 received rave reviews, and has become very collectible. It featured a large metric L-bearing, rubber o-ring response, an adjustable string gap and a titanium axle. A popular mod for this yo-yo was to remove the stock o-rings and fill the grooves with flowable silicone for response.

Although the Oxy3 mimicked the YoYoJam Night Moves and Night Moves 2 in shape, it introduced a smooth "bowl" section, in contrast with the most popular raw-aluminum metal yo-yos of the time made by Frank Difeo.