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Avalanche partners with Pixion Games, facilitating $5.5m seed round for web3 gaming studio

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Avalanche partners with Pixion Games, facilitating $5.5m seed round for web3 gaming studio

Avalanche-Backed web3 gaming studio Pixion Games has successfully concluded its seed funding round, raising $5.5 million. 

The round attracted the attention of several prominent investors, including the Blizzard Fund of the Avalanche Foundation, investment firm Shima Capital, and decentralized autonomous organization ReadyPlayerDAO, among others.

Readying release

In a June 27 press release, it was reported that capital raised in this round will be utilized by Pixion Games to further develop their highly anticipated project, Fableborne. As an action-based role-playing game (RPG),

Fableborne offers players a unique experience by allowing them to interact with on-chain assets that are built upon the Avalanche network. The integration of web3 technology in the game provides players with exciting opportunities for ownership and enhanced gameplay experiences.

Pixion Games, the pioneering web3 gaming studio, is gearing up for advancements in the development of Fableborne. Fableborne stands out from traditional RPGs by seamlessly integrating strategic base building with accessible avenues for players to accumulate on-chain in-game assets.

Emphasizing the studio’s commitment, Punia shared that their LiveOps powered by tournaments model is nearing completion and will soon be ready for release.

Following this round, prominent backers for the project include Avalanche Foundation’s Blizzard Fund, Shima Capital, Eldridge, Merit Circle, ReadyPlayerDAO, VGC, Zee Prime, Mechanism Capital, GSR, and Misfits Gaming.

An uptrend in web3 games

Last month witnessed a series of significant funding rounds that reinforced the growing significance of blockchain gaming within the broader crypto ecosystem.

Illuvium, a prominent player in the industry, successfully secured $10 million in funding, enabling the project to forge ahead with its ambitious development roadmap and expand its gameplay to a wider audience.

Dapper Labs, the mastermind behind the immensely successful NBA Top Shot, also made headlines with a funding round that generated a staggering $305 million in investment. 

The substantial influx of investment into Dapper Labs reflects the market’s confidence in the future of blockchain gaming and its lucrative revenue potential. As a result, a DappRadar report highlighted blockchain gaming revenue skyrocketed, reaching an impressive $476 million.