Today the information reported this blockchain game up for grabs Infinite Axis raised $ 150 million at a valuation of $ 3 billion in a Series B funding round led by Andreessen Horowitz. Axie Infinity is operated by the blockchain games company Sky Mavis, which received the support of Animoca in 2019.
Blockchain reduces friction around the buying and selling of in-game assets. Clothing and other features added to in-game characters often cost players time in terms of the game or are bought for real money. But they’re usually hard to resell, if it can be done at all. Game-to-Win initiatives raise game assets in the form of tradable non-fungible tokens (NFTs).
Games like Axie Infinity also use cryptocurrency tokens to reward players based on their performance. These can be used to further enhance a character’s performance by purchasing additional in-game NFTs or be exchanged for currency, generating income based on player performance.
These types of play structures are predominant and Axie Infinity has been one of the most successful projects so far as evidenced by its review. According to CryptoSlam over the past 30 days, gambling has accounted for over $ 500 million in NFT token sales, with total sales totaling $ 2.2 billion. Besides NFTs, Axie’s cryptocurrency is valued at $ 9 billion.
Additionally, in the third quarter of 2021 alone, Axie generated over $ 760 million in in-game revenue outside of NFT trading. Communities in the Philippines, Brazil, Thailand and other developing regions are struggling to make a living playing Axie Infinity. There are organized groups such as Yield Guild, which also receives funding from Animoca and Andreessen Horowitz, to promote and supervise blockchain games for a living.
The first two quarters of the year represented less than $ 20 million combined in in-game revenue. The exponential growth in this particular area is promising. However, it can also indicate that the game is going through a bubble. According to data from the Token terminal, revenue in September fell $ 342 million, or nearly 40%, from August, when Axie Infinity’s monthly revenue was second behind Ethereum among blockchain-based applications.
Axie Infinity charges a 4.25% transaction fee for each in-game transaction and there is a fee for breeding new Axie characters. Most of this comes back to the players in the form of winnings.
Funding announcement coincided with the launch of Axie Infinity decentralized exchange, which will make it easier to buy and sell Axie tokens directly among its players, thereby reducing friction. In the Last week, Axie’s cryptocurrency price increased in value by 121%.
Meanwhile, Animoca is investing in other gaming initiatives to win, including the launch of REVV Racing, a partnership with Hedera Hashgraph, and an agreement with the Olympic Games.