Sky Mavis develops Axie Infinity, a play-to-earn NFT game that reports 2.2 million monthly active players and a community treasury worth $1.6 billion. The company plans to reimburse users who lost funds in a roughly $625 million Ronin bridge hack by combining $150 million in newly raised funding with cash from its balance sheet. It intends to reopen the Ronin bridge after security upgrades and audits, which could take several weeks. Sky Mavis said it will increase the Ronin validator set from five to 21 within three months to reduce future compromise risk. The company generated $1.3 billion in revenue in the 12 months through February. Most stolen funds remain in the hacker's wallet while Sky Mavis works with law enforcement to recover them. Sky Mavis is the studio behind Axie Infinity, an NFT-based game that rewards players financially through tokenized in-game assets. Axie’s marketplace has done more than 30,000 ETH (~$116.1 million) of volume; the game reports 36,000 daily active users and $12 million in monthly NFT volume traded, and the platform takes a 4.25% cut of marketplace transactions. The company has a market value of more than $2 billion and generates revenue through land sales and item transactions in its NFT marketplace. Sky Mavis has built Ronin, an Ethereum sidechain to scale Axie and other digital nations, and is hiring traditional game developers to make the game more fun. Planned product work includes upgrading the battle system, a new land-based game mode currently in alpha testing, efforts to lower barriers to entry, and scaling play-to-learn initiatives. The team is about 25 people, mostly in Ho Chi Minh City, Vietnam, and the company says it aims over time to make Axie a decentralized protocol. Sky Mavis is a Singapore- and Vietnam-based blockchain startup that operates as a game publisher. The article describes the company primarily in the context of blockchain gaming and publishing. It has secured nearly $1.5 million in a funding round led by Animoca Brands. Animoca Brands is identified in the piece as an ASX-listed games and app developer. The announcement cited by the article does not include operating metrics or further detail on the company’s plans.

Total raised

$311M

Funding rounds

4

Latest round

Equity

Latest activity

Apr 2022