NFT Card Game Alchemon Raises $1M in Investment Round

Last week, Alchemon, the creators of the first NFT staking, crafting and trading card game on the Algorand blockchain, announced the completion of a $1 million funding round. The round was led by Borderless Capital, with participation also coming from Pillar VC and Yieldly.

The Game

To join the Alchemon gaming ecosystem, players must first set up an Algorand wallet and purchase an Alchemon NFT via the Rand Gallery Alchemon NFT collection. From here, and in a one-of-a-kind experience, players can then earn Alchecoin (the game’s governance token) by staking their Alchemon NFT cards in the game, which they can then use to play the game and earn cool art, abilities, attacks, and more. Players can also send their Alchemon to the ‘Hunting Grounds,’ which will then give them the opportunity to win more Alchemon NFTs.

As their name suggests, Alchemons (alchemy + monsters) can also evolve and be crafted into Epic and Legendary versions that will never be on sale in the project’s store. In talking about this dynamic, Clifford Cannon, founder and CEO of Alchemon, had this to say:

“There is no other game on Algorand that adds utility to NFTs and allows users to truly play to earn. What players like most about the game is they get to see their NFT cards come to life! Users purchase cards, earn weekly, and then battle with them in a video game”.

The Success of Alchemon

Since launching in August 2021, the game has recruited thousands of active community members, wherein doing so, 40,000 NFTs have been purchased and 900,000 Algos have been produced. According to the project’s co-founder and president Jack Stanley, the success is largely down to the fact that Alechmons are originally sold for affordable prices, and they have also generated an aggressive resale market which has seen single Alchemon NFTs sell for 10,000 Algo.

The project’s deflationary dynamic also makes it easier for new players to be onboarded, as well as provide existing players with all the resources they need in order to progress.

Moving Forward

Despite such impressive figures, the game is still in its beta stage, with its grand GA launch expected to take place in the coming year. As the game continues to expand, the team anticipates the Alchemon NFT marketplace to become one of the largest to reside on the Algorand blockchain.

With regards to its gameplay prowess, Alchemon intends to compete with the very best mobile and AAA Games there is to offer in Web3. This will be achieved through players being the driving force behind the game’s ecosystem, wherein they will have powers shape the way in which gameplay and governance evolves.

Team

The project’s website showcases four fully doxxed Alchemon team members, including the previously mentioned Clifford Cannon and Jack Stanley, as well as Co-Founder and Designer Maxine Cannon and Chief Financial Officer Emily Stanley.

Play Alchemon >> Here

Follow Alchemon >> Twitter

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.