Sky Mavis studio the Axie Infinity developer secures $152M in a recent Series B funding from investors, the gaming studio plans to use the fund to pursue further expansions in the emerging play-to-earn arena.
Sky Mavis, the studio behind the popular nonfungible token (NFT) game Axie Infinity, has announced a new round of funding. Sky Mavis announced the completion of a $152 million Series B fundraising round in a statement released on Tuesday.
The funding round included renowned crypto and blockchain investors such as global exchange company FTX and venture capital firm Andreessen Horowitz, according to the release.
Accel, Paradigm, Standard Crypto, Fabric Ventures, and Samsung Next were among the other significant investors in the $152 million fundraising round.
The monies will be used to “create economic and financial freedom for gamers,” according to the Axie Infinity creator.
“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 project’s token, AXS, hit a new all-time high above $155 on Monday, prompting the fundraising announcement on Tuesday. Significant developments like huge airdrops and the debut of AXS staking have spurred the parabolic AXS price spike.
In September, Axie generated around $220 million in sales, a considerable decrease from the $342 million recorded in August. However, the company’s total trading volume is more than $2.2 billion.
Sky Mavis also has big plans for its gaming platform, including the launch of its Ronin-based decentralized exchange. Ronin is the company’s Ethereum sidechain, which has around 2 million user wallets and purportedly has $4.5 billion locked up in it.