Alchemon

Founded in 2021 by Clifford Cannon, Alchemon Inc. is a Portland-based company that has developed a play-to-earn game built on the Algorand blockchain. The company launched in August 2021, and by July 2022, it had successfully raised $1 million in a seed funding round led by Borderless Capital, with participation from Pillar VC and Yieldly. Clifford Cannon, the CEO, was inspired by his experiences with games like Pokemon and sought to create a project with tangible utility beyond just collecting digital art. He and his wife, co-founder and designer Maxine Cannon, initially started the project, which later incorporated and grew to include a team of at least nine full-time employees, including co-founder and president Jack Stanley.

Alchemon operates in the blockchain gaming market, offering a monster-collecting, non-fungible token (NFT) trading card game. The business model is centered on a play-to-earn system where the in-game economy is largely driven by the community. Revenue is generated through the initial sale of NFT card packs and a marketplace for trading these assets. The company does not sell its governance token, AlcheCoin, directly; instead, players earn it through gameplay and by holding Alchemon NFTs. This approach is designed to build value within the ecosystem organically. The game targets players interested in NFT gaming and the play-to-earn model, providing a lower barrier to entry compared to similar games on other blockchains.

The core product is a 3v3 turn-based battle game where players use their Alchemon NFT cards to fight against computer-controlled opponents, with player-versus-player (PVP) functionality on the roadmap. Players acquire Alchemon cards, which have varying rarities and attributes, and can be evolved into more powerful versions through staking, crafting, or gaining experience in battles. Winning battles rewards players with an in-game token called AlcheGold, which can be used to buy in-game items, and entries into weekly raffles for prizes. The game's economy features deflationary mechanics; when a player evolves or crafts a stronger Alchemon, the lower-level cards are returned to staking and crafting pools for other players to use. This system, built on the Algorand blockchain, allows for fast transactions and low fees, aiming to provide a seamless gaming experience.

Keywords: play-to-earn, NFT game, Algorand blockchain, monster-collecting game, trading card game, blockchain gaming, AlcheCoin, digital collectibles, NFT staking, crypto gaming, Alchemon Inc., Clifford Cannon, Borderless Capital, P2E, game finance, decentralized gaming, virtual assets, in-game economy, crypto collectibles, NFT marketplace