Pixelmon, an NFT project that initially faced criticism for its underwhelming art, has made a significant comeback. In February 2022, the project’s NFT sale raised $70 million but was met with negative reactions due to the poor quality of the artwork. Since that rocky start, Pixelmon has overhauled its art, introduced a new leadership team, and outlined a fresh roadmap to success.
Revitalization and Investment
The revitalized project launched a game called Kevin the Adventurer in October 2023, which led to an increase in the NFT’s floor price from $800 to $4,200. This success caught the attention of investors, and Pixelmon secured a $8 million seed investment from prominent firms including Animoca Brands, Delphi Ventures, and Foresight Ventures.
The funding round also saw participation from other notable investors, such as Amber Group and founders from 9GAG and Immutable. Pixelmon, a decentralized gaming brand, is operated by Pixelation Labs, a subsidiary of Singapore-based Web3 venture capital LiquidX Studios.
Project Expansion and IP Strategy
Pixelmon’s CEO revealed that the company is developing four games, with PixelPals set to release soon. The company’s strategy includes using its Mon Protocol to distribute trademarked game character ownership among NFT owners, allowing them to have a stake in the intellectual property.
The funding is expected to be utilized to further develop Pixelmon’s portfolio of casual and mid-core games. Investors like Yat Siu of Animoca Brands highlighted the importance of Pixelmon’s decentralized IP system, which encourages community and fan base participation in the franchise’s success through genuine crypto ownership and network effects.