Kryptomon Raises USD 10M Led by NFX to Scale Blockchain-based Gaming Universe
Disclaimer: The text below is a press release that was not written by Cryptotelegraph.com.
Amsterdam – Tel Aviv, May 2022 — Kryptomon, the living NFT-powered Play-and-Earn gaming project combining Pokemon, Tamagotchi, and CryptoKitties, close a USD 10 million private funding round spearheaded by NFX with additional backing by PLAYSTUDIOS ($MYPS), Griffin Gaming Partners, Tal Ventures, and Vikram Pandit, former CEO of Citigroup. The funding propels the development of Kryptomon’s living-NFT game, the first-ever in the NFT gaming industry that integrates real-world gaming with Metaverse capabilities.
The funding arrives on the heels of Kryptomon’s successful Stage 1 game launch in early 2022, 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 USD 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.
Kryptomon reimagines blockchain-based gaming, creating an interactive Metaverse via collectible, living NFT creatures in a community-centered world. Merging nostalgic appeal with modern gaming, Kryptomon retains the world-building qualities of Pokemon while incorporating blockchain technology seen in titles like Splinterlands. The project’s expansive environment prioritizes gameplay experience and exploration, while players can additionally discover NFTs, $KMON tokens, and in-game additions through monthly augmented reality treasure hunts. Additionally, Kryptomon “trainers” can sell, trade, and mint NFTs directly through its native KMarket NFT marketplace after buying their initial creature.
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. 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.
NFX is the foremost investor leading the activity for Kryptomon’s latest funding round. As a venture firm championing pre-seed and seed-stage projects, NFX’s roster spans across industries and early backing in names including Lyft, Playtika, Patreon, and countless others. Accompanying the early dedication from NFX are investments from PLAYSTUDIOS, a leading mobile game developer and publisher that enables its players to earn real-world benefits through its unique playAWARDS Play-and-Earn loyalty platform. Kryptomon has additionally secured funding from Tal Ventures and Vikram Pandit, ex-CEO of Citigroup.
“Kryptomon has the potential to make an impressive mark on the Metaverse and the Play-and-Earn gaming ecosystem,” explained Gigi Levy Weiss, General Partner at NFX. “NFX is proud to contribute to a project that prioritizes building communities and is on the forefront of re-inventing integration of real-world gameplay and digital assets.”
“We are incredibly proud of this funding round which vastly exceeded our original funding goal of USD 8 million after the first stage of the game launch,” says Umberto Canessa, Founder and CEO of Kryptomon. “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.”
Set in the Kryptomon metaverse, community members play as “Trainers,” taking care of their own NFT pet monsters, which have a unique and mutable genetic code made up of 38 randomized parameters that determine their physical and behavioral characteristics. They are capable of learning, falling sick, getting hungry, and protecting their trainers when out on an adventure in the physical world. In turn, trainers will have to care for, feed, and train their Kryptomon partners in order to grow and prepare for the battles ahead. Kryptomon aims to create the next step in the evolution of crypto and Metaverse gaming by using blockchain, digital genetics, and location-based technologies. To see how Kryptomon is creating its gaming universe, please visit https://kryptomon.co/
NFX is a leading seed-stage venture firm based in San Francisco, CA, and Herzlia, Israel. Founded by entrepreneurs who built 10 companies with more than USD 10 billion in exits across multiple industries and regions, NFX is transforming how true innovators are funded. With expertise in platforms and network effects, NFX partners with the world’s best founders to solve problems – at scale – with the power of technology.
About PLAYSTUDIOS, Inc.
PLAYSTUDIOS (Nasdaq: MYPS) creator of the groundbreaking playAWARDS loyalty platform is a publisher and developer of award-winning mobile games, including the iconic Tetris® mobile app, Pop! Slots, myVEGAS Slots, myVEGAS Blackjack, myKONAMI Slots, myVEGAS Bingo, and MGM Slots Live. The playAWARDS loyalty platform enables players to earn real-world rewards from a global collection of iconic hospitality, entertainment, and leisure brands. playAWARDS partners include MGM Resorts International, Wolfgang Puck, Norwegian Cruise Line, Resorts World, IHG, Bowlero, Gray Line Tours, and Hippodrome Casino among others. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS apps combine the best elements of popular casual games with compelling real-world benefits. To learn more about PLAYSTUDIOS, visit https://www.playstudios.com/
Contact: Tomer Warschauer Nuni
Role: Chief Marketing Officer
Email: [email protected]