Kryptomon Raises $10M in Funding
Kryptomon, a creator of an NFT-powered Play-and-Earn gaming project, raised $10M in funding.
The round was led by NFX with participation from PLAYSTUDIOS, Griffin Gaming Partners, Tal Ventures, and Vikram Pandit.
The company intends to use the funds to advance Kryptomon’s living-NFT game, by focusing on the next stage of gameplay implementations, including a combat system.
Led by CEO Umberto Canessa, Kryptomon aims to create the evolution of crypto and Metaverse gaming by using blockchain, digital genetics, and location-based technologies. 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.
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.
Since its inception, the game’s community has expanded to nearly 500 thousand followers across its social feeds, generating $13 million worth of NFT transactions in under 5 months.