Kryptomon, a creator of the NFT-powered Play-and-Earn gaming project, announced on Wednesday that it has secured $10M (approximately €9.3M) in a Series A round of funding at a valuation of $50M (approximately €46.5M)
The funding round was led by NFX. Other investors in the round include Playstudios, Griffin Gaming Partners, Tal Ventures, and the former CEO of Citigroup, Vikram Pandit.
The announcement comes after $1.2M (approximately €1.1M) in a token pre-sale, according to the firm.
The funding will propel the P2E platform to develop its living-NFT game with a focus on the next stage of gameplay implementations, which includes a combat system.
“We are incredibly proud of this funding round which vastly exceeded our original funding goal of $8M after the first stage of the game launch,” says Umberto Canessa, founder and CEO of Kryptomon.
He adds, “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.”
Kryptomon: What you need to know
Founded by Umberto Canessa in 2021, Kryptomon is an NFT Play-and-Earn (P2E) blockchain game platform that combines classic games like Pokémon, Tamagotchi, and CryptoKitties.
The game is set in the Kryptomon metaverse where trainers will be responsible for their NFT pet monsters called Kryptomons. These Kryptomons have a unique and mutable genetic code made up of 38 randomised parameters that determine their physical and behavioural characteristics.
Kryptomons are capable of learning, falling sick, and getting hungry. As a result, trainers will have to care for, feed, and train their Kryptomon partners to grow and prepare for the battles ahead.
With this project, the company emphasises gameplay experience and exploration while players can additionally discover NFTs, $KMON tokens, and in-game additions through monthly AR treasure hunts.
Further, trainers can also sell, trade, and mint NFTs directly through its native KMarket NFT marketplace after buying their initial creature. Stage one of the game was launched in February, 2022, powered by two record-setting Mystery Box sales on the Binance NFT marketplace.
Since its inception, the community has expanded to nearly 500K followers across its social feeds, generating $13M (approximately €12M) worth of NFT transactions in under 5 months.
NFX is a seed-stage venture firm based in San Francisco and Herzlia, Israel. The VC’s roster spans across industries and early backing in names including Lyft, Playtika, Patreon, and more.
“Kryptomon has the potential to make an impressive mark on the Metaverse and the Play-and-Earn gaming ecosystem,” explains Gigi Levy Weiss, General Partner at NFX.
“NFX is proud to contribute to a project that prioritises building communities and is on the forefront of re-inventing integration of real-world gameplay and digital assets,” he adds.