Sky Mavis, the developer of the popular crypto-based online game Axie Infinity, is raising approximately $150 million in Series B funding at a valuation near $3 billion in a new round led by Andreessen Horowitz, according to two people with direct knowledge of the deal.
The valuation for the three-year-old startup reflects the tremendous growth in sales on Axie Infinity, an Internet-based multiplayer game that uses non-fungible tokens, the one-of-a-kind digital assets authenticated on the blockchain. The game is on track to generate $1 billion in revenue from in-game transactions this year, about 17% of which Sky Mavis keeps, the developer’s co-founder earlier told The Information.
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