Coinspeaker
Crypto Project Pixelmon Seeks to Use Fractionalized NFTs to Make Its Comeback
The infamous crypto project Pixelmon is set to make a huge comeback under the leadership of new CEO Giulio Xiloyannis. Xiloyannis disclosed the plans in a recent interview where he revealed that Pixelmon will embrace fractionalized non-fungible tokens (NFTs) on its journey to redemption.
Brief History of Pixelmon
Pixelmon’s wild history began in February 2021 when it launched on ambitious promises of delivering a Pokemon-esque game. Per the firm, the game would allow users to train, trade, collect, and battle monsters called “Pixelmon”. However, the project could not deliver on its dreamy promises, and it quickly became the subject of widespread ridicule in the crypto community.
Despite raising $70 million in Ether (ETH) at the time, it could only unveil 68 not-so-impressive NFT characters at launch. One of those is “Kevin” – its most popular, yet infamous NFT character which signaled the project’s initial downfall.
By May 2022, Xiloyannis saw the need to save the day and moved to acquire the project. However, he also realized that there was a need for a complete overhaul of all the artworks. That is if he is to resurrect Pixelmon from its ashes and earn community trust.
According to Xiloyannis, Kevin is the only NFT that would not be revamped. The NFT would be preserved to serve as a testament to the resilience of blockchain technology.
Fractionalized NFTs to Lead New Era
Xiloyannis’ vision for Pixelmon includes pioneering fractionalized NFTs in a way that redefines the intersection of blockchain gaming and intellectual property rights.
To achieve this, the project is floating a model that is quite different from what is obtainable with iconic franchises like Pokemon. While traditional NFT-based games give gated access to a game, Pixelmon’s model will allow its game to be completely free. It will also grant NFT holders royalties for their monsters’ usage outside the game, thereby incentivizing ownership and fostering genuine adoption among players.
Challenges Ahead
Although the future looks promising, Xiloyannis has admitted that Pixelmon’s journey to redemption comes with undeniable risks. The CEO mentioned the subjective nature of fractionalized IP ownership which makes it so that there is a high risk of skewed investments as holders bet on the popularity of characters.
Another potential pitfall, as noted by the CEO, is the decentralized governance model of Pixelmon. Xiloyannis believes that community decisions could make or mar the project. However, he also expressed his belief in the instincts of early community members to steer the ship of the project right.
Regardless of the potential risks, there are now high levels of optimism around the Pixelmon project. The monster-battling element of the game “Battle Arena” is slated to launch later this year. Its open-world role-playing segment “Hunting Grounds” is also set to be released by 2025.
Pixelmon recently completed an $8 million seed round to boost its Web 3.0 gaming ambitions. Many crypto forms have also been rallying behind it for partnerships.
With the unfolding narratives, it appears that there’s a renewed sense of confidence in the project’s rebirth.
Crypto Project Pixelmon Seeks to Use Fractionalized NFTs to Make Its Comeback
