Sky Mavis, the startup behind the adorable pets game Axie Infinity, has raised $7.5 million in Series A funding led by Libertus Capital. The money will be used to scale the game to millions of users around the world by lowering the barriers to entry, and to expand the team behind the scenes by hiring top game developers.
Sky Mavis plans to scale Axie through a world-class creator program that blends the best referral systems along with the blockchain, free play-to-earn to unlock millions of new users and allow them to try Axie for fun before making any economic decisions, and user-generated content to unleash the potential of Axie.
Both institutional and individual investors participated in the fundraising, including Collab + Currency, Blocktower Capital and Backed VC, and entrepreneurs such as Mark Cuban, Alexis Ohanian and Kevin Lin.
Since it’s humble beginnings three years ago, Axie Infinity has grown into one of the largest NFT gaming ecosystems with over 41,000 daily active users and over 45,000 Axie holders, more than $15M USD in monthly NFT volume, a fully diluted market cap of over $2 billion USD, and one of the most used applications on Ethereum.
It’s still very early for NFT gaming, but we’re excited to see how Axie Infinity will continue to develop. The game has huge potential and it is forging the path for mass adoption of blockchain games.
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.