Axie Infinity NFT game developers raise $152 million from a16z and Paradigm

The Sky Mavis project behind the popular NFT game Axie Infinity has raised $152 million following a Series B funding round. The funds came from Andreessen Horowitz (a16z) and other prominent investors.

So proud to see this moment happen — a validation of the vision and hard work that the @SkyMavisHQ team has done in the last 3 years.

Welcome to the @a16z fam, we’re going to ride together and shake up the world with #PlayToEarn! https://t.co/ZOO7FBXjAw

— Gabby Dizon (@gabusch) October 5, 2021

According to The Information, in the round also participated Accel and Paradigm. The startup was valued at $3 billion.

Sky Mavis will deploy the funds to expand the team and scale infrastructure. Investments will also support the Mavis Hub platform to assist developers building blockchain games on the Ronin sidechain for Ethereum.

“We are creating economic freedom for gamers by turning them into owners of in-game assets. This sets us apart from the traditional model where publishers, distribution platforms and developers retain control and reap the maximum benefits,”, — said Chung Nguyen, CEO of Sky Mavis.

The gameplay of Axie Infinity, built on a Play2Earn principle, revolves around Axie creatures, each an NFT token. Players engage in breeding, battles, and trading.

According to the press release, Axie Infinity’s daily active users surpassed 2 million, and transaction volume reached $2.2 billion.

“The popularity of Axie speaks to the deep appeal of such a Play2Earn model among people around the world. The team has caused a shake-up in the gaming industry. It will never be the same again”, — said Arianna Simpson, general partner at a16z.

In plans, the team aims to modernise the game’s combat system, including access to the game without purchasing an Axie, launch the Ronin DEX for trading in-game tokens, and continue development of project K.

Earlier, the co-founder of Sky Mavis announced Axieland, a mobile game reminiscent of the popular strategy title Clash of Clans for mobile devices. In it, players will gather resources, build cities and contend for territories.

Earlier, the Axie Infinity token hit an all-time high amid the airdrop.

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