Axie Infinity to Raise $150M Series B at $3B Valuation: Report

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Blockchain-enabled play-to-earn recreation Axie Infinity is elevating roughly $150 million in a Series B capital spherical at a $3 billion valuation, in accordance to reporting on Monday by The Information.

  • Citing two unnamed sources “with direct knowledge of the deal,” The Information wrote that enterprise large Andreessen Horowitz is main the spherical.
  • The monster-battling recreation, which makes use of non-fungible tokens (NFTs) to reward gamers made 64,933.71 ether (ETH), price $220.32 million, in September. That was down from a file $342 million in August, knowledge heart Axie World exhibits.
  • But September’s determine nonetheless represents an almost 3,000-fold year-over-year development.
  • Launched by Sky Mavis in 2018, Axie Infinity got here into the highlight within the early third quarter of this 12 months as yield compression in bitcoin and DeFi drove sizzling cash into gaming and NFTs.
  • The recreation has turn out to be a big supply of earnings in international locations like Brazil, the Philippines, Venezuela and Vietnam. It’s turn out to be so fashionable within the Philippines that the federal government has expressed its intention to tax Axie gamers.

UPDATE (Oct. 4, 21:24 UTC): Updated with extra background in fourth and fifth bullet factors..