Sky Mavis, developer of NFT game Axie Infinity, raises ~$150M Series B led by Andreessen Horowitz, sources say at a nearly $3B valuation
Sky Mavis, the developer of the popular crypto-based online game Axie Infinity, is raising approximately $150 million in Series B funding …
Context & Ripple Effects
Sky Mavis’s reported round followed Axie Infinity’s early revenue surge, when the NFT game generated $12.2M in June and more than $79M in July. It preceded the company’s claim that Axie had reached 2M October daily active users after rapid growth.
Later coverage shows why the financing mattered beyond game development: Axie’s user base subsequently declined, and Sky Mavis later raised capital to reimburse users after the Ronin exploit. The round therefore marks the high-valuation phase before the model faced both economic and security stress.
First-order effects
- Sky Mavis gains roughly $150M in new financing, while Andreessen Horowitz takes the lead role in a round that values the Axie Infinity developer at nearly $3B.
- The valuation gives Sky Mavis and Axie Infinity a far higher capital-market benchmark as the game scales its NFT-based player economy.
Second-order effects
- Axie’s rapid user growth makes the round a test of whether game engagement can support the valuation; related coverage already noted analysts’ concerns about the game’s economic sustainability alongside its expansion.
- Players and token holders become more exposed to Sky Mavis’s operational decisions as the company’s financing, game economy, and network infrastructure become more central to the same ecosystem.
Third-order effects
- The later Ronin breach and reimbursement financing indicate that blockchain-game developers can be treated not only as game studios but as custodians of user-held financial assets, raising the importance of security and recovery capacity alongside growth.
- If this pattern holds, NFT-game valuations will increasingly be judged on whether operators can sustain player economies and protect the assets circulating within them, rather than on user growth alone.
The trend: Blockchain games are evolving from venture-backed entertainment products into financially interconnected platforms whose growth, token economics, and security practices are assessed together.