NFT Games Axis Infinity Completes $7.5 Million Series A Funding Round

Libertus Capital led the initial round of funding, with other participants including cryptocurrency investment fund Collaboration + Currency, cryptocurrency game publisher Animoca Brands, BlockTower Capital, Twitch co-founder Kevin Lin and DeFi Alliance.

NFT Games Axis Infinity Completes .5 Million Series A Funding Round

With NFT games heating up in 2021, development team Sky Mavis today announced $7.5 million in Series A funding to support its Ether-based, Seinen Pokémon and Takumakko-inspired monster collecting and battling game Axis Infinity, Decrypt reported on May 12.

Not only will Sky Mavis be able to further develop the game (which has seen its player base and trading volume rise in recent months), it has also attracted some major celebrity investors. Among those on the list are billionaire investor and Dallas Mavericks owner Mark Cuban, and Alexis Ohanian, co-founder of Reddit and founder of venture capital firm Seven Seven Six.

Libertus Capital led the first round of funding, and other participants include cryptocurrency investment fund Collaboration + Currency, cryptocurrency game publisher Animoca Brands, BlockTower Capital, Twitch co-founder Kevin Lin, and DeFi Alliance.

Mark Cuban stated.

I think Axis is a great platform. It’s a platform that’s fun and engaging. It’s a game that you want to play for hours. Add the Axie economy to the game and you’ve got something special. I’m happy to be a part of it.
Axis Infinity’s “Play-to-Earn” mode rewards players who invest time and money in the game by letting them breed cartoon monsters and use them to play against each other. According to the studio, the game has more than 41,000 daily active users, including more than 45,000 who own Axis monsters, and recently the game’s monthly NFT transactions exceeded $15 million.

An NFT is a certificate of ownership of a digital item, and artwork, video clips and trading cards have been the most popular NFT items. Data from DappRadar shows that total NFT transactions reached $1.5 billion in the first quarter of 2021, and the use of NFTs in in-game items has increased significantly and gained traction.

In addition to blockchain games such as Sorare and The Sandbox, Axis Infinity’s sales of high-value NFT props have also attracted attention in recent months. For example, in February, a set of Axis Infinity NFT items containing nine plots sold for about $1.5 million in Ether. Sky Mavis had raised $860,000 by selling its AXS governance tokens in November.

As Axis Infinity grows, Sky Mavis plans to use this new Series A funding round of funds-only to lower the barrier to entry for users, and the game’s new Ronin sidechain for Ether helps reduce transaction fees. The studio is also expanding its team and further intends to recruit experienced developers from the traditional gaming space to make Axis Infinity’s gaming experience “more fun” and look for ways to further expand the game’s revenue generation with the help of advertisers and sponsors.

Axis Infinity has already received strong support from major game publisher Ubisoft, which supports Sky Mavis through its Entrepreneur Lab gas pedal program and recently served as a validation node for the Ronin sidechain. Now, with strong support for the game from NFT enthusiast (dogcoin fan) Cuban as well as Ohanian and many other prominent investors, this leading ethereum gaming experience may soon find a broader audience.

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