Pixelmon’s art reveal for a $70 million NFT sale in February 2022 was described as follows: Horrible, is both hideous and delightfully ugly. Since then, the project has been trying to change its fate.
By September 2022, the project had replaced its pieces, established a new leadership team, and outlined a new roadmap. Then, in October 2023, it launched Kevin the Adventurer, a casual side-scrolling game that drove the NFT project’s lowest price (suggested minimum price) from 0.35 ETH ($800) to a high of 1.85 ETH ($4,200).
The latest move is an initial investment of $8 million from high-profile investors. Includes Animoca Brands, Delphi Ventures, and Foresight Ventures (the parent company of The Block).
According to a press release, the funding round also attracted participation from investors including Amber Group, 9GAG founder Ray Chan, and Immutable co-founder Robbie Ferguson.
What is Pixelmon?
Pixelmon is a decentralized gaming brand based on the mythical creatures of the same name. It is owned by Pixelation Labs, a subsidiary of LiquidX Studios, a Singapore-based Web3 venture capital firm.
Pixelmon CEO and LiquidX co-founder Giulio Xiloyannis told The Block that Pixelmon is currently developing four games, including PixelPals, which is scheduled to launch this month. He added that all four games will feature the company’s representative Pixelmon monsters.
Pixelmon said it distributes ownership of trademarked gaming characters to NFT holders through Mon Protocol, an intellectual property division system that gives them rights to IP that grows with the community and gaming ecosystem.
“The decentralized IP system that Mon Protocol is building is important because it empowers the creative community and IP core fan base to actively participate in the long-term success of their consumer franchises by taking full advantage of true digital ownership and network effects.” Siu, co-founder of Yat Animoca Brands, said in his statement:
Pixelmon said the team plans to use the newly raised capital to fuel development across its portfolio of casual and midcore games.
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