Pixelmon’s NFT sale in February 2022, which raised $70 million, was described as horrific, terrible, and comically ugly. Since then, the project has been trying to turn its fortunes around. By September 2022, the project had changed its artwork, brought in a new leadership team, and set a new roadmap.
Pixelmon Raises $8 Million in Funding
Pixelmon, following the process, launched the ordinary side-scrolling game Kevin the Adventurer in October 2023, which increased the NFT project’s floor price from $800 worth 0.35 ETH to $4,200 worth 1.85 ETH. With this move by the team, the project received a seed investment of $8 million from leading investors including Animoca Brands, Delphi Ventures, and Foresight Ventures.
According to a press release, investors such as Amber Group, 9GAG Founder Ray Chan, and Immutable Co-Founder Robbie Ferguson also participated in the funding round. Pixelmon stands out as a decentralized gaming brand consisting of legendary creatures of the same name. It is owned by Pixelation Labs, a subsidiary of Singapore-based Web3 venture capital LiquidX Studios.
Noteworthy Details About the Project
Pixelmon’s CEO and LiquidX co-founder Giulio Xiloyannis stated that Pixelmon is currently developing four games, including PixelPals, which is planned to be released this month. He added that the company’s representative Pixelmon monsters will be featured in all four games.
Pixelmon mentioned that it distributes the ownership of a trademarked game character among NFT owners through its intellectual property fragmentation system, Mon Protocol, granting them rights over the growing IP alongside the community and gaming ecosystem. Yat Siu, co-founder of Animoca Brands, stated in his remarks:
“The decentralized IP system established by Mon Protocol is significant because it will empower creative communities and core fan bases of IP to actively participate in the long-term success of a consumer franchise by fully benefiting from real crypto ownership and network effects.”
Pixelmon, stated that the team plans to use the newly raised capital to enhance the development of its casual and mid-core game portfolio.
