The developer of Axie Infinity, Sky Mavis, has just raised $152 million USD in funding in Series B round led by the venture capital firm Andreessen Horowitz with participation from Accel and Paradigm.
This round will be used to build a global team, scale infrastructure, and build their own distribution platform to support game developers and to create blockchain-enabled games.
Sky Mavis is known for creating Play-to-Earn (P2E) concept that allows players to play, live, work, and earn within virtual worlds. The first game to introduce this concept was Axie Infinity, a P2E blockchain-enabled based NFT game where players can battle out, breed, and trade digital pets called Axie.
Axie Infinity has since grown out to be the largest NFT gaming ecosystem that has gained players around the world with more than 2 million daily active users logging into the platform in August alone. The game has already achieved $33 million in daily transactions for a total volume of over $2 billion.
Arianna Simpson, General Partner, Andreessen Horowitz talked about the Sky Mavis funding and why it means so much,
Sky Mavis’ marquee game, Axie Infinity, has introduced a new way for anyone to turn their time into money through Play-to-Earn, a new mechanic that allows gamers to transform their skills and time into earnings and distribution rights for tokenized in-game items. The Axie team has unlocked a new way to build and play games that is already completely redefining this category. The game’s growth is a phenomenal testament to how deeply this model is resonating with people around the world. The Axie team has triggered an earthquake in gaming and the industry is now forever changed.
On the other hand, Trung Nguyen, Sky Mavis CEO shared,
Axie Infinity is a category-defining game that is changing history by creating an entirely new digital economy. We are on a mission to create economic freedom for gamers and are making this happen by turning players into owners of in-game assets unlike the traditional model where publishers, distribution platforms and game developers retain control and benefit the most.
Two million people are playing Axie Infinity from almost every country across the world and we couldn’t have done it without our passionate team members and dedicated community who have jumped on this once-in-a-lifetime opportunity to play a part in disrupting an industry and leaving our mark on history. At the end of the day, we don’t build products, we start movements.
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