The popular NFT-based online game Axie Infinity will raise nearly $150 million in a Series B funding round at a valuation of nearly $3 billion.
Andreessen Horowitz invests in Axie Infinity
According to a recent report, citing unidentified sources “with direct knowledge of the deal,” the funding round will be led by popular US 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 huge sales boom on the platform. The blockchain-powered game has been getting a lot of attention in recent months, with the token Axie Infinity Shards (AXS) hitting highs after spikes.
According to the report, Axie Infinity is on track to generate nearly $1 billion in revenue from in-game transactions by the end of the year, with developer Sky Mavis holding 17% of that amount.
Save the jobless pandemic
Launched in 2018, Axie Infinity has gradually gained huge popularity among gamers. They are highlighted as NFT and play-for-profit games have become hot sectors in the cryptocurrency industry.
It is especially popular in the Philippines, Venezuela, Brazil and Vietnam, where thousands of families have been rescued from the massive unemployment they suffered during the pandemic.
Axie Infinity has become so prominent in the Philippines that many people have had to quit their day jobs to focus on gaming full time, leading the country’s government to hint that it will soon start taxing Axie players.
AXS ATH . record holders
In September alone, the game raised around 64,934 ETH, worth approximately $221 million. However, last month’s figure is down from the $342 million recorded in August since players started seeing lower daily earnings.
Despite being relatively lower than previous months, Axie Infinity’s September revenue represented significant year-over-year growth. Potato encryption I also mentioned that the original token – AXS – did a great job last month, with the number of active holders hitting a new all-time high.
Axie Infinity’s Series B round will mark Andreessen Horowitz’s latest investment in crypto and NFT after backing the largest NFT market, OpenSea, earlier in July.
Meaning, in another development, Axie Infinity’s AXS token gained more than 40% on Monday, after four days of the play-for-profit game. announce It will distribute $60 million worth of AXS tokens among its first users.
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