Popular NFT-based online game Axie Infinity will raise around $ 150 million in a Series B round of funding for a valuation of nearly $ 3 billion.
Andreessen Horowitz to Invest in Axie Infinity
According to a recent report, which cited two unidentified sources “with direct knowledge of the deal,” the funding round will be led by popular American venture capital firm Andreessen Horowitz
Axie Infinity is a monster fighting game that uses NFTs to reward its players, and this new deal follows a major sales boom on the platform. The blockchain-enabled game has garnered a lot of attention in recent months, with the Axie Infinity Shards (AXS) token hitting highs after highs.
According to the report, Axie Infinity is on track to generate around $ 1 billion in revenue from in-game transactions by the end of the year, with developer Sky Mavis retaining 17% of that amount.
Saving the Pandemic Jobless
Launched in 2018, Axie Infinity has gradually gained a lot of popularity among gamers. It has been in the limelight as NFTs and winning games have emerged as hot sectors of the cryptocurrency industry.
It is especially popular in the Philippines, Venezuela, Brazil, and Vietnam, where thousands of households were saved from the massive unemployment that was experienced during the pandemic.
Axie Infinity has become so prominent in the Philippines that many people have had to quit their jobs to focus on full-time gambling, prompting the country’s government to suggest that it will soon start taxing Axie players. .
AXS ATH record holders
In September alone, the game raised about 64,934 ETH worth approximately $221 million in revenue. However, last month’s figure is lower than the $ 342 million recorded in August, as its players start to earn less daily income.
Despite being relatively lower than previous months, Axie Infinity’s revenue for September represents significant year-over-year growth. CryptoPotato also reported that the native token – AXS – recorded an impressive performance last month, with the number of active holders reaching a new all-time high.
Axie Infinity’s Series B round will mark Andreessen Horowitz’s latest investment in the crypto and NFT space after backing the largest NFT marketplace, OpenSea, earlier in July.
Which means, in another development, Axie Infinity’s AXS token gained over 40% on Monday, four days after the play-to-earn game. announcement that it will distribute $ 60 million in AXS tokens among its early adopters.
