Quick take:
- The company will use the funds to accelerate the development of its upcoming blockchain game PixelPals.
- The funding follows Pixelmon’s launch of Kevin the Adventurer deployed in October 2023, on Coinbase’s native layer-2, Base.
- Pixelmon’s second game PixelPals is set to launch on Mantle Network in the first quarter of 2024.
Pixelmon has raised $8 million in a seed round backed by Animoca Brands, Delphi Ventures, Mechanism Capital, Foresight Ventures, Cypher Capital, Bitscale Capital, Sfermion, Spartan Labs, Vista Labs, and Emfarsis, among others.
The hypercasual blockchain game developer said it will use the funds to accelerate the development of its upcoming game PixelPals. According to the announcement, the game is scheduled for release in the first quarter of 2024.
Pixelmon’s first hypercasual game Kevin the Adventurer was launched in October 2023. Deployed on Coinbase’s layer-2 blockchain, Base, the game onboarded 36,000 players in its first month, clocking 10,100 hours played.
The massively multiplayer online roleplaying game (MMORPG) is developed by LiquidX Studios has developed its own IP for games, which it offers through its IP functionalisation system dubbed Mon Protocol.
The game incentivises players with non-fungible tokens that have fractional benefits, thus enabling holders to have partial ownership of in-game assets, including game characters’ IP.
Commenting on his company’s participation in the fundraising, Yat Siu, the co-founder and executive chairman of Animoca Brands said in a statement: “The decentralised IP system that Mon Protocol is establishing is significant because it will empower creative communities and IP core fan base to participate actively in the long-term success of a consumer franchise.”
Pixelmon is headed by LiquidX co-founder and CEO, Giulio Xiloyannis, who was also part of the team behind Southeast Asian fashion retailer Zalora.
Xiloyannis commented: “The level of support we have received is proof that Pixelmon has ‘respawned’ from its tumultuous initial mint and is a demonstration of Web3’s relentless drive to make this industry a success.”
His company raised $70 million in an NFT sale in March 2022, which was followed by criticism after the digital artwork failed to meet the expectations set in the teaser.
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