Play-and-Earn platform Kryptomon, a metaverse gaming platform that is described as a living NFT-powered gaming project that combines the unique features of Pokemon, Tamagotchi, and CryptoKitties, has raised $10 million in a private funding round. This comes in the environment of high inflation, a hawkish federal reserve and a massive market selloff as a result of FUD (Fear, Uncertainty and Doubt).
The funding round was led by NFX with additional backing from PLAYSTUDIOS, Griffin Gaming Partners, Tal Ventures and Vikram Pandit, former CEO of Citigroup. According to the announcement, the funds raised will be used to propel the development of Kryptomon’s living-NFT game, the first-ever in the NFT gaming industry that integrates real-world gaming with Metaverse capabilities.
Umberto Canessa, the Founder and CEO of Kryptomon had this to say about the funding round; “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. This support from NFX and our additional investors is a springboard to continue scaling our project to be an immersive world with truly unprecedented blockchain technology, helping us make the gaming universe and community we have dreamed of creating since childhood.”
What you should know
- The funding arrives on the back of Kryptomon’s successful Stage 1 game launch earlier in the year, powered by two record-setting Mystery Box sales on Binance NFT marketplace.
- Since its inception, Kryptomon’s progressive community growth has expanded to nearly 500 thousand followers across its social feeds, generating $13 million worth of NFT transactions in under 5 months.
- Kryptomon leverages its growing society of players to fill the gap in current Play-and-Earn gaming, emphasizing the all-encompassing gaming universe and rich storytelling seen in classic AAA titles.
- The platform explains that it hopes to reimagine blockchain-based gaming by creating an interactive Metaverse via collectible, living NFT creatures in a community-centred world.
- It hopes to do this by merging nostalgic appeal with modern gaming and ensuring Kryptomon retains the world-building qualities of Pokémon. It will also be done while incorporating blockchain technology.
- The project’s expansive environment which it hopes to improve upon with the funds generated, prioritizes gameplay experience and exploration, while players can additionally discover NFTs, $KMON tokens, and in-game additions through monthly augmented reality treasure hunts.
- Additionally, the platform has provided an avenue where Kryptomon “trainers” can sell, trade, and mint NFTs directly through its native KMarket NFT marketplace after buying their initial creature.
According to the announcement, the recent investment powers continuing development of the game platform and caliber beyond its Stage 1 launch in early February. Kryptomon is expanding its Play-and-Earn mechanics and further combining real-world and Metaverse gameplay.
It also explained that the funding round solidifies the increasing outside interest in the project and provides a foundation for Kryptomon to focus on the next stage of gameplay implementations, including a combat system. Its native token, KMON, is currently trading $0.02253 as of the time of this reporting.