Pixelmon’s art reveal for its $70 million NFT sale in February 2022 was described as horrible, hideous, and hilariously ugly. Since then, the project has been trying to turn its fortunes around.
By September 2022, the project had replaced the artwork, appointed a new leadership team and outlined a new roadmap. It then launched a casual side-scroller game, Kevin the Adventurer, in October 2023, something that increased the NFT project’s minimum price – the lowest price offered – from 0.35 ETH ($800) to a peak of 1.85 ETH ($4,200).
The final step is an $8 million seed investment from leading investors including 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 made up of mythical creatures of the same name. It is owned by Pixelation Labs, a subsidiary of Singapore-based Web3 venture capital LiquidX Studios.
Giulio Xiloyannis, CEO of Pixelmon and co-founder of LiquidX, told The Block that Pixelmon is currently developing four games, including PixelPals, which will be released this month. All four games will feature the company’s representative Pixelmon monsters, he added.
With its intellectual property fractionalization system, Mon Protocol, Pixelmon says it divides ownership of a trademarked game character among NFT holders, giving them rights to the IP that grows with the community and gaming ecosystem.
“The decentralized IP system that Mon Protocol is establishing is important because it will enable creative communities and IP fanbases to actively participate in the long-term success of a consumer franchise, taking full advantage of true digital ownership and network effects,” says Yat. Siu, co-founder of Animoca Brands, said in the statement.
Pixelmon said the team plans to use the newly raised capital to fuel the development of its portfolio of casual and mid-core games.