Axie Infinity is currently one of the leading blockchain games in the world, and the creators are grabbing the attention of investors
Sky Mavis, the creators of the Axie Infinity blockchain game, has raised $152 million in a Series B funding round led by Andreessen Horowitz. The latest funding round brings the company’s total valuation to $3 billion, following a few months of rapid growth.
Axie Infinity has become one of the leading blockchain games in the cryptocurrency space. Over the past few months, its status has grown to become the biggest non-fungible token (NFT) player in the cryptocurrency ecosystem. Sky Mavis is looking to expand the project’s growth and capture new markets.
According to The Information, Sky Mavis is now worth $3 billion after raising over $150 million from its investors. The Series B funding round was led by venture capital firm Andreessen Horowitz. This venture capitalist has become popular within the cryptocurrency space as it has funded a wide range of blockchain projects over the years.
Accel and Paradigm also participated in the funding round. Per the report, Arianna Simpson, a general partner at Andreessen, is set to join the Sky Mavis board.
Sky Mavis stated that the funds would be used to expand its team and also boost its blockchain gaming infrastructure. Furthermore, the team will use part of its funds to develop a distribution platform for additional blockchain-based games.
Axie Infinity, hosted on the Ethereum sidechain Ronin, has become quite popular within the cryptocurrency space. The project is built around NFTs, requiring users to purchase three NFT monsters, which can be used to battle against each other.
Axie Infinity’s native token, AXS, reached an all-time high price of $155 on Monday. Since November 2020, AXS’s price has rallied by 100,132%, outperforming numerous cryptocurrencies in the market. The rally was fuelled by the staking functionality announced by Sky Mavis last week, in addition to the $152 million raised from investors.
According to data from CryptoSlam, Axie Infinity has generated a trading volume of more than $2.2 billion, with most of it from the past four months.