Pixelmon Raises $8 Million in Seed Investment, Aims for Redemption in Web3 Gaming
- ByStartupStory | February 13, 2024
Pixelmon, a Web3 project focusing on developing a series of Web3 games, has secured $8 million in seed investment, signaling a significant step forward in its quest for redemption in the gaming world.
The company, which launched in February 2022, initially faced backlash after selling 10,000 non-fungible tokens (NFTs) and raising a substantial amount of cryptocurrency, valued at $70 million at the time. However, users were disappointed by the initial quality of the game’s art and questioned its legitimacy, leading to doubts about its youthful founder, Syber.
In September 2022, Singapore-based LiquidX, a Web3 venture capital studio, acquired over 60% control of Pixelmon for about $40 million after taxes and expenses, following a period of uncertainty. Syber transitioned to a minority shareholder as LiquidX embarked on a journey to restore Pixelmon’s credibility.
Giulio Xiloyannis, CEO of LiquidX, highlighted the company’s progress, noting the support of major credible Web3 investors. Xiloyannis cited the success of Palworld, a “Pokémon with guns” survival game, as an example, which attracted 19 million players in just 13 days.
Pixelmon’s world is set in the mythical realm of Nova Thera, where trainers guide their Pixelmon team to victory. Xiloyannis described Pixelmon’s open-world survival game as “Pokémon with swords and shields,” akin to “Pokémon meets Game of Thrones.” The game’s art and 3D creatures have been revamped and polished, with ongoing development of the expansive gaming world leading up to its major launch in Q1.
The team has also introduced evolutions to the Genesis Pixelmon collection, offering ownership rights and access to a sub-pool of licensing revenue for each creature’s IP. Xiloyannis expressed confidence in Pixelmon’s turnaround, emphasizing the project’s broad support across the investor, crypto, and Web3 gaming communities.
“I know the project has a certain past, but it’s truly turning around on that,” Xiloyannis said, highlighting Pixelmon’s efforts to rebuild its reputation and establish itself as a prominent player in the Web3 gaming landscape.
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