Photo credit: Pixelmon
Pixelmon, an NFT gaming firm, has raised US$8 million in seed funding. Participating investors include Animoca Brands, Delphi Ventures, Amber Group, and Bing Ventures.
The investment will boost ongoing development for its games. It looks to launch a new hypercasual title called PixelPals in the first quarter of 2024, as well as other games using the Pixelmon IP later in the year.
Pixelmon saw a lot of initial hype, with its open-world concept and its gameplay and artwork taking inspiration from Pokemon. In February 2022, it was able to raise over US$70 million within a day from an NFT sale.
However, the project’s poorly executed NFT artwork and rumors of fund mismanagement led to a rapid loss of community trust and value.
Following the reaction, VC firm LiquidX purchased a 60% stake in Pixelmon in September 2022. LiquidX co-founder Giulio Xiloyannis also became CEO of the gaming firm.
In October 2023, Pixelmon launched Kevin the Adventurer, its first hypercasual game. The company said the title had 36,000 active players and saw over 10,000 hours of gameplay during its first month.
See also: How this Indonesian game studio survived the death of flash games
Editing by Miguel Cordon and Lorenzo Kyle Subido
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