The round saw participation from a handful of notable investors including the Avalanche Foundation’s Blizzard Fund, investment firm Shima Capital, gaming decentralized autonomous organization ReadyPlayerDAO and more.

Pixion plans to put the funds towards Fableborne, the studio’s action-based role-playing game that allows players to interact with on-chain assets built atop the Avalanche network. Kam Punia, founder and CEO of Pixion Games, told CoinDesk he's hoping to grow the game by building out its tech stack as well as hiring for roles across the leadership team.

“It's really building what we call these competitive multiplayer games, mobile-first platform experiences, but having competitive tournaments and player-owned economies are at the heart of the core game,” said Punia. “And so that's what we're really trying to build as an experience for players.”

The game is inviting players to participate in playtests and is aiming for a public launch within the next calendar year.

While the bear market has slowed investments across the crypto space, Web3 gaming has maintained investor confidence. Earlier this month, Web3 gaming studio Argus raised $10 million in seed funding to build out its own native gaming software developer kit. And last week, decentralized chess game Anichess raised $1.5 million in seed funding led by gaming behemoth Animoca Brands.

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Cam Thompson

Cam Thompson was a Web3 reporter at CoinDesk. She is a recent graduate of Tufts University, where she majored in Economics and Science & Technology Studies. As a student, she was marketing director of the Tufts Blockchain Club. She currently holds positions in BTC and ETH.