NFT P2E: Axie Infinity Looks to Raise $150 Million in Series B Funding Round Led by a16z

Axie Infinity ($AXS), a play-to-earn (P2E) NFT game has shot put in popularity amid NFT frenzy, so much so that its token price has surged over 300% in the last month itself. The founders of the NFT game are now looking to raise nearly $150 million in a Series B funding round that could put its overall valuation above $3 billion making it one of the most valuable gaming companies today.

Axie Infinity creator firm Sky Mavis announced earlier today that the firm is looking to raise capital to the tune of $150 million and Wall Street Venture capital firm Andreessen Horowitz (a16z) will lead the funding round. The creator of the blockchain game wants to utilize the new capital to expand the team, scale infrastructure, and build its distribution platform to support game developers.

“We are on a mission to create economic freedom for gamers and are making this happen by turning players into owners of in-game assets unlike the traditional model where publishers, distribution platforms, and game developers retain control and benefit the most,” said Sky Mavis CEO Trung Nguyen.

On the other hand, a16z who have been pretty active with their investment in the crypto world see huge potential in the P2E game and believe Axie could trigger a new era for the gaming industry.

“The game’s growth is a phenomenal testament to how deeply this model is resonating with people around the world,” said Arianna Simpson, general partner at a16z. “The Axie team has triggered an earthquake in gaming and the industry is now forever changed.”

Axie Infinity Outshines Market Leaders

Axie Infinity surged to a new ATH above $150 yesterday on the back of over 150% in weekly gains even when the rest of the crypto market is still recovering from the bearish September. The main catalysts that filed $AXS price are the staking rewards and NFT mania that has engulfed the crypto market this bull season.

$AXS is now in a price discovery mode and as the rest of the market turns bullish with the start of October $AXS can set new ATHs.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.