Sky Mavis, the developer of Axie Infinity, a play-to-earn video game with blockchain integration, is seeking 150 million dollars in a Series B investment round at 3 billion dollars value. The Information reported on Monday (04/10/21) that venture capital firm Andreessen Horowitz is spearheading the investment.
The game rewards players with non-fungible tokens (NFTs). It earned about 220.32 million dollars in September. According to data center Axie World, this was down from a high of 342 million dollars in August. However, the September figure indicates a roughly three thousand-fold increase year over year.
According to Crunchbase, Axie Infinity raised 7.5 million dollars in a Series A investment round announced in May. Libertus Capital led the round, with Reddit co-founder Alexis Ohanian. Mark Cuban, owner of the Dallas Mavericks, 500 Startups Vietnam, and the Collaborative Fund also participated. Axie Infinity secured $1.5 million in a seed investment round headed by Animoca Brands, a mobile game publisher, in 2019.
Axie Infinity is a blockchain video game business founded by Sky Mavis. It rose to prominence in the early third quarter of this year as yield compression in bitcoin and decentralized finance (Defi) pushed hot money into gaming and non-financial tokens (NFTs).
In nations like the Philippines, Brazil, Vietnam, and Venezuela, the game has become a substantial source of revenue. Due to it becoming heavily popular in the Philippines, the government has indicated that Axie gamers would be taxed.
Axie Infinity revealed in the last week of September that it will award over $60 million in tokens to early users and enable staking features. Since then, the AXS token hit a new high on 4th October 2021.
Sky Mavis intends to use the new funding to grow its workforce, scale infrastructure, and establish its distributing platform to help game creators produce blockchain-enabled games. The Mavis Hub is a platform that aims to cut away intermediaries and distribute games created on its Ronin blockchain