Pixelmon, a decentralized web3 gaming IP company, has secured a seed investment of US$8 million from various investors, including Animoca Brands, Delphi Ventures, Amber Group, and Bing Ventures. Other participants in the funding round include Bitscale Capital, Cypher Capital, Foresight Ventures, Mechanism Capital, Sfermion, Spartan Labs, and VistaLabs.
Following a challenging period of criticism, Pixelmon has been striving to reverse its fortunes. With this latest infusion of capital, the company aims to accelerate its development efforts for upcoming games.
Despite experiencing initial excitement due to its open-world concept and Pokemon-inspired gameplay, Pixelmon faced significant backlash following its poorly executed NFT artwork reveal in February 2022, which resulted in a loss of community trust and value. In response to the negative reception, VC firm LiquidX acquired a majority stake in Pixelmon in September 2022, with LiquidX co-founder Giulio Xiloyannis assuming the CEO role.
With the recent infusion of $8 million in seed investment, Pixelmon now plans to redeem itself in the gaming sphere. The funding will primarily be allocated towards the continued development of Pixelmon’s diverse portfolio, comprising both casual and mid-core games. Utilizing its proprietary IP fractionalization system, Mon Protocol, Pixelmon aims to enhance ownership of intellectual property and in-game assets.
Source: Asia Tech Daily