Kryptomon, a play-to-earn game, raised $10 million in a Series A round led by NFX.It’s a crypto game that is a cross between Pokemon, Tamagotchi and CryptoKitties.Check out the 24-slide pitch deck used to raise the funds.Play-to-earn game Kryptomon has raised $10 million in a Series A funding round led by NFX, bringing the company’s valuation to $50 million.
Founded in April 2021 by Umberto Canessa, Kryptomon is a NFT-powered game that combines the concepts of classic games like Pokemon and Tamagotchi with ownership properties of popular NFT projects like CryptoKitties.
The game is set in the Kryptomon metaverse where “trainers” will be responsible for looking after, feeding and training NFT monsters, known as Kryptomons, to help prepare them for battle.
Stage one of the game launched in February where players received daily loot boxes with “valuable consumables” for their Kryptomon NFTs, such as training cards for battle and food.Stage two is set to bring the release of the combat system.
“We are incredibly proud of this funding round which vastly exceeded our original funding goal of $8 million after the first stage of the game launch,” said Canessa in a press release.
Prior to the fundraising round led by NFX, Kryptomon raised $1.2 million in a token pre-sale, according to the firm.
“Kryptomon has the potential to make an impressive mark on the Metaverse and the play-and-earn gaming ecosystem,” said Gigi Levy Weiss, general partner at NFX, in a press release.
The round will be put towards further development of the game, including hiring new team members, supporting the 3D development of Kryptomon’s game interface, and research and development activities.
Other investors in the round included casual game developer Playstudios , VC firm Finvest and the former CEO of Citigroup, Vikram Pandit .
PlayStation’s former chief technology officer Shinichi Okamoto also recently joined Kryptomon’s advisory board alongside Stefan Kovach, a former director at Pokerstars and Raz Friedman, the chief product officer of Playtika .
Kryptomon’s Series A comes amid a slowdown in the crypto markets.
One of the most popular play-to-earn games last year, Axie Infinity, is seeing a slowdown in new users and in transactions.
Leading cryptocurrencies like bitcoin (BTC) and ether (ETH) are down around 56% and 62% from their 2021 respective highs.
Data from Dune Analytics shows new users and transactions are down for play-to-earn game Axie Infinity.Zhai/Dune Analytics Canessa said the bear market environment doesn’t phase him, however.
“We are very confident in our product, our approach, and have huge support and great responses from our community,” he said in an email.”As all bear markets, this shall also pass and we are using this momentum to grow bigger and stronger from the downturn by hiring great manpower that is now available and by taking advantage of the vacuum that has been created by other failing projects that we are gathering their communities to ours.”
Check out the 24-slide pitch deck used to raise the funds.
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