Pixelmon, the crypto project that gained notoriety as the “worst NFT project ever,” is making a comeback with a new approach. Initially launched in February 2021, Pixelmon was met with criticism after raising $70 million in Ether and revealing questionable NFT characters upon launch. However, the project’s new CEO, Giulio Xiloyannis, has acquired the project and plans to revamp it. The only NFT character that will remain unchanged is Kevin, which has become a symbol of crypto’s resilience.
Xiloyannis aims to introduce fractionalized nonfungible tokens (NFTs) to Pixelmon. He uses the example of Pokemon to explain how this works. If Nintendo had minted 100 NFTs of Pikachu in the 90s, owning one would entitle the owner to a 1% share of royalties whenever Pikachu is used on merchandise or in other media. Similarly, Pixelmon NFT holders will receive royalties when their monsters’ likeness is used outside of the game. The royalties will be paid in the form of the MON token.
Unlike other NFT-based blockchain games, Pixelmon will be completely free to play, which Xiloyannis believes will drive adoption. By owning a Pixelmon NFT, holders can earn royalties and participate in the game without any barriers. However, there are risks associated with fractionalized IP ownership. The value of an asset depends on its popularity and usage, which can be subjective. Xiloyannis warns that picking the right monster could be like buying an unpopular Pokemon NFT before the game launches.
Pixelmon operates on a decentralized model of governance, where the community of NFT holders has a say in licensing agreements. Xiloyannis believes that giving control to the early fans of the project will ensure its longevity. The Mon Protocol community has grown significantly in the past year and now has over 1.12 million wallets.
The game will have different segments, including the monster-battling element called “Battle Arena” and the open-world role-playing segment called “Hunting Grounds.” Several crypto firms, including Immutable and Animoca Brands, are optimistic about Pixelmon’s potential and have invested in the project. With the new approach and renewed enthusiasm, Pixelmon aims to redeem itself and become a successful blockchain gaming project.