NFX Leads $10M Private Funding Round for NFT-Powered Blockchain Game Kryptomon

Kryptomon is a play-and-earn gaming project that combines the gameplay of Pokemon, Tamagotchi, and CryptoKitties.
Image source: Kryptomon

Quick take:

  • The funding will accelerate the development of Kryptomon’s living-NFT game.
  • The financing comes just eight months after Kryptomon’s founding.
  • Kryptomon has generated $13 million worth of NFT transactions in under five months.

Kryptomon, the living NFT-powered play-and-earn gaming project, has announced the closing of a $10 million private funding round led by NFX. Additional investors include PLAYSTUDIOS, Griffin Gaming Partners, Tal Ventures, and Vikram Pandit, former CEO of Citigroup.

NFX is a venture capital firm investing in re-seed and seed-stage projects, with a roster that spans across industries and early backing in Web3 and GameFi companies including Ramp, Azra, Ridge, Monkey League and more.

This funding comes just eight months after Kryptomon was founded. In February, Kryptomon successfully launched Stage 1 of the game, with two mystery box sales on the Binance NFT marketplace. The fresh capital will accelerate the development of Kryptomon’s play-and-earn mechanics beyond Stage 1. 

“Kryptomon has the potential to make an impressive mark on the Metaverse and the Play-and-Earn gaming ecosystem,” said Gigi Levy-Weiss, General Partner at NFX. “NFX is proud to contribute to a project that prioritizes building communities and is on the forefront of re-inventing integration of real-world gameplay and digital assets.”

Since its inception, Kryptomon has generated $13 million worth of NFT transactions in under five months. The game combines the gameplay of Pokemon, Tamagotchi, and CryptoKitties by retaining the world-building qualities of Pokemon while incorporating blockchain technology seen in titles like Splinterlands.

Kryptomon reimagines blockchain gaming, creating an interactive metaverse via collectibles. Set in the Kryptomon metaverse, community members play as “Trainers,” taking care of their own NFT pet monsters, which have a unique and mutable genetic code made up of 38 randomised parameters that determine their physical and behavioural characteristics.

The NFT pet monsters are capable of learning, falling sick, getting hungry, and protecting their trainers when out on a treasure hunt in the physical world. In turn, trainers will have to care for, feed, and train their Kryptomon pets in order to grow and prepare for the battles ahead.

“Trainers” can sell, trade, and mint the living NFT creatures directly through its native KMarket NFT marketplace after buying their initial creature.

Additionally, players can discover NFTs, $KMON tokens, and in-game additions through monthly augmented reality treasure hunts. With the funding, Kryptomon will focus on the next stage of gameplay implementations, including a combat system.

“We are incredibly proud of this funding round which vastly exceeded our original funding goal of USD 8 million after the first stage of the game launch,” says Umberto Canessa, Founder and CEO of Kryptomon. “This support from NFX and our additional investors is a springboard to continue scaling our project to be an immersive world with truly unprecedented blockchain technology, helping us make the gaming universe and community we have dreamed of creating since childhood.”

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