Axie Infinity Raises $152 Million

Axie Infinity Raises $152 Million

Play To Earn Games | 08 May 2024 11:48 UTC

Axie Infinity Raises $152 Million in a Funding Round Led by Billionaire Firm.

Sky Mavis, the developer behind the famous NFT-based game Axie Infinity, raises $152 million in recent funding led by Andreessen Horowitz. The funding will help grow the already popular “play to earn” game.

NFT and blockchain-based Axie Infinity Raises $152 Million
NFT and blockchain-based Axie Infinity Raises $152 Million

The B series funding round was led by Silicon Valley venture capital firm Andreessen Horowitz. The funding round was also joined by VC firms Accel and Paradigm. According to media reports, the four-year-old NFT based startup now values $3 billion.

Speaking on the funding, Sky Mavis said, “This new funding round will allow us to fuel the play-to-earn revolution, bring in incredible talent from across the globe, scale our infrastructure for expected growth, and build our own distribution platforms to support game developers to create NFT-enabled games.”

Axie Infinity

The popularity of the game lies in its NFT and blockchain-based game where players control the economy. The game is based on a digital universe of pets where players can also engage in breeding animals. Moreover, players can also level up the characters and fight with them to enrich character profiles. These characters are known as Axies which are basically NFTs with a properly updated ledger.

Till now, there are more than 615000 traders that have made a whopping 4.88 million worth of NFT transactions. The daily active users of the game have crossed the two million mark. Furthermore, the players and the company have generated at least $2 billion in transactions.

NFT and blockchain-based Axie Infinity Raises $152 Million
NFT and blockchain-based Axie Infinity Raises $152 Million

Arianna Simpson, a partner at Andreessen Horowitz said, “The game’s consistent, unifying thread is the Axie, an NFT character that is used across games and can be traded on secondary marketplaces.”

Andreessen Horowitz is known for its investments in social media giants like Facebook and Twitter. Besides, social media investments, the firm is actively participating in cryptocurrency and blockchain-related companies.

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