Sky Mavis Raises $152M to Promote Play-to-Earn Model

Sky Mavis, the developer behind Axie Infinity, recently raised 152 million dollars to promote the play-to-earn revolution. The venture has decided to invest funds for the development and growth of Ronin and Axie Infinity.

Axie Infinity welcomes any missionary who wants to join the cause. NFTs have come a long way since Axie Infinity’s release in 2018. The non-fungible token industry is a global phenomenon, breaching multiple mainstream sectors. Axie Infinity played a crucial role in the growth and intends to maintain its position.

The venture believes in delivering value and financial freedom to players. Moreover, Axie Infinity wants every player investing their time in the game to get a tangible share of its success. Hearing stories of users whose life changed with the game is like a dream come true for the developer team. 

That is why Sky Mavis raised funds and will use it to grow its ecosystem. The funds will help Axie find talented individuals to join its cause. It will fuel the play-to-earn revolution and scale its infrastructure for upcoming growth. Additionally, Axie will use the funds to create customized distribution platforms to help game developers build NFT games.

Since the game has become immensely over the past few months, hiring new investors and community members will support its infrastructure. Moreover, it will reinforce Axie’s regulatory legitimacy while offering flexibility to hire and scale without spending AXS token reserves.

Axie Infinity is the first completely community-owned game, and the motivation behind it is simple. Axie believes that App Stores and game developers have far too much control over the gaming sector. As a result, the industry needs a redesign, and Axie is playing its role impeccably.

Goals like rewarding value creation, co-ownership, and co-creation are the primary support pillars at Axie. Moreover, the developer team wants to create an ecosystem where gaming operators and players work, live, build, and play together.

Axie Infinity can make such claims as the game has proved its worth multiple times. Here are some of Axie’s achievements that highlight its success:

  • The game had 38,000 daily players in April 2021, which grew to 2 million in less than six months.
  • Axie has amassed over 2.2 billion dollars in trade volume on its NFT marketplace.
  • It offers a scholarship model, creating thousands of job prospects in different regions.
  • Axie packs more than 4.5 billion dollars in total value locked (TVL) on Ronin (Axie’s ETH sidechain) with 2 million wallets.
  • The game has gifted over 100 million dollars worth of AXS tokens to 10,000 founding members.

Several Axie partners shared their delight on the development, and the funds will undoubtedly support both the Axie and the NFT gaming community.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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