Aavegotchi maker triples revenue in FY22

Photo credit: Aavegotchi

PixelCraft Studios, the Singapore-based company behind Web3 game Aavegotchi, has posted ‌a 200% revenue growth – bringing its figure to US$11.3 million – in the financial year ended July 31, 2022.

In the play-to-earn game, users collect and care for digital pets known as Aavegotchis and compete for leaderboard rankings as well as GHST, the game’s utility token. It also has a metaverse called the Gotchiverse where users can own land and build ecosystems.

While PixelCraft Studios reported a growth in revenue, administrative and other expenses rose to US$10.8 million, surging 609% from the previous year. This uptick suggests investments in operational expansion and activities to support the company’s growth trajectory.

PixelCraft Studios recorded a profit of US$574,000 for the fiscal year after accounting for income tax expenses. This was down 82% year on year.

Aavegotchi is ranked as one of the top 10 games on Polygon, according to data from DappRadar. In April 2022, the game hit its highest point with over 14,000 daily active users and a 24-hour transaction volume of close to US$100,000.

See also: The rare SG indie game studio making millions on original IP

Aavegotchi has also partnered with Polygon to introduce Gotchichain, a gamer-focused blockchain slated to launch in the third quarter.