The NFT project Pixelmon, previously described as terrible and hilariously ugly after selling artworks for $70 million in February 2022, has raised $8 million in its initial funding round.
Since September 2022, the project has undergone significant changes, including replacing illustrations, bringing in a new leadership team, and developing a new roadmap. In October 2023, the casual side-scroller game Kevin the Adventurer was launched, which increased the minimum price of the project's NFT from 0.35 ETH ($800) to a peak of 1.85 ETH ($4200).
The $8 million investment was attracted from renowned investors, including Animoca Brands, Delphi Ventures, and Foresight Ventures. The funding round also saw participation from Amber Group, 9GAG founder Ray Chan, and Immutable co-founder Robbie Ferguson.
Pixelmon is a decentralized gaming brand owned by Pixelation Labs, a subsidiary of Singaporean Web3 venture capital LiquidX Studios. Currently, Pixelmon is developing four games, including PixelPals, set to be released this month. The games will feature Pixelmon monsters from the company.
The Mon Protocol intellectual property sharing system of Pixelmon distributes ownership rights of the game character among NFT owners, granting them rights to intellectual property that grows with the community and gaming ecosystem.
The Pixelmon team plans to use the raised capital to accelerate the development of its portfolio of casual and mid-core games.
