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Axie Infinity Raises $152 Million

Axie Infinity Raises $152 Million

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Axie Infinity Raises $152 Million in a Funding Round Led by Billionaire Firm.

Sky Mavis, the developer behind the famous NFT-based game Axie Infinity, raises $152 million in recent funding led by Andreessen Horowitz. The funding will help grow the already popular “play to earn” game.

NFT and blockchain-based Axie Infinity Raises $152 Million
NFT and blockchain-based Axie Infinity Raises $152 Million

The B series funding round was led by Silicon Valley venture capital firm Andreessen Horowitz. The funding round was also joined by VC firms Accel and Paradigm. According to media reports, the four-year-old NFT based startup now values $3 billion.

Speaking on the funding, Sky Mavis said, “This new funding round will allow us to fuel the play-to-earn revolution, bring in incredible talent from across the globe, scale our infrastructure for expected growth, and build our own distribution platforms to support game developers to create NFT-enabled games.”

Axie Infinity

The popularity of the game lies in its NFT and blockchain-based game where players control the economy. The game is based on a digital universe of pets where players can also engage in breeding animals. Moreover, players can also level up the characters and fight with them to enrich character profiles. These characters are known as Axies which are basically NFTs with a properly updated ledger.

Till now, there are more than 615000 traders that have made a whopping 4.88 million worth of NFT transactions. The daily active users of the game have crossed the two million mark. Furthermore, the players and the company have generated at least $2 billion in transactions.

NFT and blockchain-based Axie Infinity Raises $152 Million
NFT and blockchain-based Axie Infinity Raises $152 Million

Arianna Simpson, a partner at Andreessen Horowitz said, “The game’s consistent, unifying thread is the Axie, an NFT character that is used across games and can be traded on secondary marketplaces.”

Andreessen Horowitz is known for its investments in social media giants like Facebook and Twitter. Besides, social media investments, the firm is actively participating in cryptocurrency and blockchain-related companies.

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Axie Infinity Raises $152 Million

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Axie Infinity Raises $152 Million

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.