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Vietnamese creator of Axie Infinity raises US$152 million in funding

Vietnamese game producer Sky Mavis, the creator of the blockchain-based game Axie Infinity, has successfully raised US$152 million as part of its Series B funding round, according to Blockworks.

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The core team of Sky Mavis.

Although Sky Mavis is legally based in Singapore, the majority of its core team is made up of Vietnamese workers, including Trung Nguyen, Tu Doan, and Viet Anh Ho.

The website also quoted a recent report published in The Information as saying that the latest round of funding serves to bring Axie’s parent company to a total valuation of almost US$3 billion.

Led by Andreessen Horowitz, the additional capital will be used towards staff expansion, scaling infrastructure, and to build its own distribution platform.

Other participants in the round include Accel and Paradigm, according to Axie’s Substack. 

Blockworks has revealed that as a play-to-earn (P2E) game, Axie Infinity players will be able to earn crypto rewards that can later be sold and traded on secondary marketplaces. Originally founded back in 2018, Axie users can trade, breed, and battle non-fungible token (NFT) characters in the digital world.

As of Q3, Axie Infinity has surpassed 1.5 million active users, generating over US$776 million in revenue in the process.

According to a recent Dapp Industry Report, the game “became the most traded NFT collection ever”, exceeding US$2 billion in trading volume in September.

Source: VOV/Blockworks

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