Web3 Gaming Firm PixelCraft Records 200% Rise in Revenue to $11.30mln May 29, 2023 May 29, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 29, 2023 by Kelly Cromley

Web3 Gaming Firm PixelCraft Records 200% Rise in Revenue to $11.30mln

PixelCraft Studios, the Singaporean game developer behind the Web3 title Aavegotchi, has announced a 200% surge in revenue for the fiscal year that concluded on July 31, 2022, resulting in a total of $11.3 million. The play-to-earn game involves users collecting and nurturing Aavegotchis, while simultaneously vying for top positions on the leaderboard and the game’s GHST utility token. The Gotchiverse is a virtual universe that enables users to acquire virtual land and create their own ecosystems.

PixelCraft Studios witnessed a surge in revenue; however, the administrative and miscellaneous expenses escalated by 609% and amounted to $10.8 million. The rise in figures suggests that the company has allocated funds towards operational expansion and initiatives aimed at bolstering its growth trajectory.

PixelCraft Studios has reported a net profit of US$574,000 for the fiscal year, after accounting for income taxes. There was an 82% year-over-year decrease. As per the statistics provided by DappRadar, Aavegotchi has secured a position in the list of top 10 games on Polygon. By April 2022, the game had achieved its pinnacle, boasting a daily active user count of more than 14,000 and a 24-hour transaction volume of nearly $100,000.

Aavegotchi has forged a partnership with Polygon to unveil Gotchichain, a blockchain platform that caters to gamers, slated for release in Q3.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.