Nonfungible token (NFT) gaming studio Sky Mavis said that it wants to pursue more expansions in the budding play-to-earn arena. Sky Mavis is the studio behind Axie Infinity nonfungible token (NFT) game and it announced a new round of funding for the firm.
In an October 5, 2021 statement, the studio said that it had closed a $152-million Series B funding that was spearheaded by various investors. According to the announcement, renowned blockchain and crypto investors like FTX exchange and venture capital fund Andreessen Horowitz participated in this round.
The other investors that participated in the funding process included Standard Crypto, Paradigm, Accel, Samsung Next, and Fabric Ventures among several other notable backers. The Axie Infinity developer said that it was aiming to use these funds to “create economic and financial freedom for gamers,” mentioning:
“While we’ve scaled at an astonishing rate, adding institutional investors to our community will enable us to expand our reach, reinforce our legitimacy when it comes to regulatory protection, and will give us the flexibility to scale and hire aggressively without touching our AXS token reserves.”
The funding news comes in the wake of the project’s token AXS reaching a new all-time high above $155 on Monday. This explosive AXS price rise has been pushed by considerable developments like the launch of AXS staking and massive airdrops.
Axie earned nearly $220 million in revenue last month, a notable drop from the $342 million reported in August. Nonetheless, the firm has recorded over $2.2 billion in total trading volume.
Sky Mavis said that it has plans for major upgrades to its gaming platform and the unveiling of its Ronin-based decentralized exchange. Ronin is the firm’s Ethereum sidechain that allegedly has $4.5 billion that is already locked up in the network with around 2 million user wallets.