(Rejected) NFT Play-and-Earn Game Kryptomon Raised $10M Led by NFX

NFT Play-and-Earn (P2E) blockchain game Kryptomon has secured $10 million in funding led by California-based VC firm NFX.

Kryptomon is an NFT Game where Pokémon meets Cryptokitties and Tamagotchi.

Other investors include Griffin Gaming Partners, Tal Ventures, and former Citigroup CEO Vikram Pandit with additional support from mobile game developer and publisher PLAYSTUDIOS.

The funds raised in this round would be used for the development of Kryptomon's live-NFT game, creating an interactive metaverse. Combines nostalgic glamour with real-world gameplay, such as preserving the world-building qualities of Pokemon.

Kryptomon "trainers" can purchase initial creatures in the form of NFTs and discover NFTs and other add-ons through monthly augmented reality scavenger hunts, enabling Play-and-Earn mechanics.

According to Gigi Levy Weiss, General Partner at NFX: “Kryptomon has the potential to make an impressive mark on the Metaverse and the Play-and-Earn gaming ecosystem. 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.”

Play-to-earn (P2E), or GameFi, is considered the next major opportunity for Web3 and blockchain.

P2E is a popular business model that stays in the blockchain game world that integrates both Web3 and blockchain, which corresponds to the F2P (Free to Play) model common in the real world of the game industry

Kryptomon founder and CEO Umberto Canessa said this far exceeded the previous funding goal of $8 million.