Blockchain-enabled play-to-earn video game Axie Infinity is raising about $150 million in a Series B funding round at a $3 billion valuation, according to reporting on Monday by The Information.
- Citing two unnamed sources “with direct knowledge of the deal,” The Information wrote that venture giant Andreessen Horowitz is leading the round.
- The monster-battling game, which uses non-fungible tokens (NFTs) to reward players, had revenue of 64,933.71 ether (ETH), which was worth $220.32 million, in September. That was down from a record $342 million in August, data center Axie World shows.
- But September’s figure still represents a nearly 3,000-fold year-over-year growth.
- Axie Infinity raised $7.5 million in a Series A funding round that was announced in May, according to Crunchbase. That round’s lead investor was Libertus Capital, and other investors included Reddit co-founder Alexis Ohanian, Dallas Mavericks owner Mark Cuban, the Collaborative Fund and 500 Startups Vietnam.
- In 2019 , Axie Infinity raised $1.5 million in a seed funding round that was led by mobile game publisher Animoca Brands.
- The game has become a significant source of income in such countries as Brazil, the Philippines, Venezuela and Vietnam. It’s become so popular in the Philippines that the government has expressed its intention to tax Axie players.
UPDATE (Oct. 4, 21:56 UTC): Updated with additional background in sixth, seventh and eighth bullet points.
UPDATE (Oct. 4, 22:12 UTC): Updated with information about Axie’s previous fundraising in fourth and fifth bullet points.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.