Axi Infinity maker Sky Mavis has raised Series B funding led by renowned US venture capital firm Andreesson Horowitz. Axie Infinity is one of the most successful NFT games where people can earn rewards just by playing which can be traded for real world money. Sky Mavis raised $152 million (approximately Rs 1,134 crore) from at least six crypto and blockchain investors in its Series B round. Founded in 2019, the gaming studio rose to prominence after its game Axie Infinity went viral. The game allows players to collect and fight cute and fierce virtual pets called Axis. Players can also earn cryptocurrency through this game.
Earlier in September, a Business Insider report claimed that the San Francisco, US-based VC firm was setting up a new fund pool — exclusively for gaming start-ups.
Andreessen Horowitz’s investment in Sky Mavis comes at a time when the valuation of the gaming company has reached close to $3 billion (about Rs 22,377 crore). Furthermore, the native crypto token of the Axi Infinity game called “AXS” touched an all-time high of over $155 (approximately Rs.11,500) on October 4. The AXS token is built on the Ethereum blockchain technology.
The craze for NFTs is being seen increasing globally. NFTs are digital assets that represent real-world objects such as art, music, in-game items, and video along with other unique goods that can be purchased using cryptocurrencies. The game Axi Infinity offers adorable virtual monsters that can be purchased as NFTs or won through gameplay.
According to a report by VentureBeat.com, an average transaction price for an Axi Infinity NFT is around $420 (approximately Rs 31,319). As of September 16, over 615,000 NFT merchants had bought or sold Axi Infinity NFTs in 4.88 million transactions, the report said.
Accel, Paradigm, Standard Crypto, as well as Fabric Ventures and Samsung Next are among other companies that funded Sky Mavin in this round.
Andreessen Horowitz’s decision to invest in this NFT game-making brand comes just days after a top US official clarified that the country was not planning to ban cryptocurrencies or crypto-related activities.
In the last week of September, US Federal Reserve Chairman Jerome Powell confirmed to the crypto sector that the central bank has no intention of banning digital assets.
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