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.