Sky Mavis has raised $152 million at a nearly $3 billion valuation to help grow its Axie Infinity “play-to-earn” game that monetized via nonfungible tokens (NFTs). And this funding bankrolled by the likes of Andreessen Horowitz and Mark Cuban is aimed at stirring a developer and player revolt against the establishment of gaming.
The game uses NFTs to uniquely identify cute characters. Players spend real money to acquire those characters and engage in battles with other players. They can level up the characters and sell them to other players, and that generates income for the players.
The capability to earn money in games is called “play-to-earn,” and it has taken off in a variety of ways. Blockchain sales measurement firm DappRadar has been tracking the space and it said that Axie Infinity has hit No. 1 in NFT collectibles, even though it isn’t in any of the popular iOS or Google Android app stores. It is distributed on PCs and Macs, and can be played on mobile devices.
Sky Mavis raises $152M at nearly $3B valuation for Axie Infinity play-to-earn NFT game