One of the most successful non-fungible token projects ever Axie Infinity has announced a new funding round. Sky Mavis announced that it would use the funding for building out its global team. Furthermore, scaling infrastructure and developing a new distribution platform to support game development.
Through the existing investments and the new Series B round, the company has raised $161M. Moreover, they did it with investors such as Libertus. Mark Cuban is now a backer of this powerful brand.
Sky Mavis is the owner of Axie Infinity, which recently passed $2 billion in sales volume. Also, the game has topped NFT charts for four straight weeks. According to Cryptoslam, it seems like people are enjoying it.
Axie has grown from 38,000 daily active users in April to 2 million. The company reports it’s generating over $33 million a day. And their new product line-up is sure to keep people interested.
Axie has been raking in cash like never before. In September, Axie earned $220 million. And another $342 last August when Messari Capital recorded its results.
Axie Infinity to Use Play-to-Earn Concept
“Play-to-earn demonstrates how emerging technologies, such as NFTs and cryptos, are providing transformative economic opportunities for communities. Moreso, in developing nations where jobs are lacking and COVID-19 crisis relief has been limited,” the company said.
The company reported that 25% of its players do not have bank accounts. And 50% had not previously owned or used cryptocurrencies. Axie reports, it has players in every country globally except for North Korea.
“This level of ownership and accessibility within the Axie economy is upending society. Also, creating an economically viable digital nation.”
The company is looking to remove the middleman. And continue building their platform for distribution called The Mavis Hub.
“The Mavis Hub distributes games on both PCs and Macs. And will seamlessly connect to Sky Mavis’ proprietary Ronin Blockchain. This currently secures over $1.5 billion in assets,” the company said.