Animoca believes, do you? 👹
Remember that $70M NFT project that became a laughing stock around the crypto space two years ago?
Well, they just raised an $8M seed round with high-profile investors such as Animoca Brands and Delphi Ventures.
For the uninitiated, Pixelmon is a crypto gaming brand that focuses on its own take on digital creatures known as, well, Pixelmons.
After their unfortunate NFT art reveal in February 2022, which some have labeled as horrible and just downright ugly, the team sought to turn things around by replacing the artwork and bringing in new leadership.
The floor price of their Pixelmons NFT also received a significant boost in October 2022 after the launch of their side-scroller, Kevin the Adventure, jumping from 0.4 ETH to a peak of 2.15 ETH (~$2,810) in December.
With their new roadmap underway, Pixelmon is currently developing four games, with the next one called PixelPals, slated to be released this month.
With their IP fractionalization system, Mon Protocol, ownership of game characters will also be distributed to NFT holders.
As for the $8M, the team mentions that the funds will be used to further development across their casual and mid-core game portfolio.
Editor's Take:
NFTs have had a horrendous 2023, so it's a refreshing change to see capital flow back into NFT projects once more, especially one that was once considered a catastrophic failure. In any case, $8M sounds like a small figure compared to their $70M NFT mint a couple of years ago, but it should be sufficient to kick-start the growth of their gaming ecosystem.
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