- Axie Infinity creators Sky Mavis raised $152 million in a Series B round
- Reportedly, the deal valued Sky Mavis at $3 billion
- Axie Infinity has more than 2 million daily active players, and its AXS token has a market cap of $7.85 billion
Axie Infinity creators raise $152 million Series B round
Sky Mavis, the developers of popular blockchain-powered game Axie Infinity, have raised $152 million in a Series B round led by Andreessen Horowitz. According to a report by The Information, the round valued Sky Mavis at around $3 billion.
Axie Infinity is a game where users collect creatures called “Axies”, which are represented by NFTs. Players have the ability to breed new Axies, or use them to build teams that battle against other players. Players are rewarded with Smooth Love Potion (SLP) tokens for winning battles. Skilled players can actually earn money by playing the game, making Axie Infinity a prime example of the “Play-to-Earn” trend that’s becoming popular in the cryptocurrency and blockchain space.
Axie Infinity has managed to amass over 2 million daily active players, making it by far the most successful blockchain-powered game on the market. Its NFT marketplace has accumulated $2.2 billion worth of trading volume.
Sky Mavis says that the $152 funding round will allow them to accelerate their way on the roadmap they’ve designed for the Axie Infinity project. One of the new features the team is working on is Axie Infinity: Origin, which will upgrade Axie Infinity’s battle system and give users the ability to try out the game for free without having to make the commitment of buying Axies first. Sky Mavis also plans to launch a decentralized exchange on the Ronin sidechain.
The AXS token has been a tremendous performer recently
Axie Infinity also has a token called AXS, which is designed to facilitate the Axie Infinity ecosystem’s governance process. Recently, AXS staking was enabled on Ronin, an Ethereum sidechain specifically designed to make Axie Infinity scalable enough for mainstream use. The introduction of staking has helped propel AXS to new heights, with the token gaining a whopping 96% in the last 7 days alone. AXS is the best performer in the cryptocurrency top 100 in the last year by a wide margin – the token is currently posting a +92,129% 1-year change.
The Series B round could also be seen as another bullish development for AXS – Sky Mavis says that the fresh capital will help the project scale without having to tap into their AXS token reserves:
“While we’ve scaled at an astonishing rate, adding institutional investors to our community will enable us to expand our reach, reinforce our legitimacy when it comes to regulatory protection, and will give us the flexibility to scale and hire aggressively without touching our AXS token reserves.”