Axie Infinity
Axie Infinity lets players battle with NFT Axie characters.
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Sky Mavis raises $152M at nearly $3B valuation for Axie Infinity play-to-earn NFT game

  • Posted byby Dean Takahashi
  • Updated
  • 12 min

Sky Mavis has raised $152 million at a nearly $3 billion valuation to help grow its Axie Infinity “play-to-earn” game that monetized via nonfungible tokens (NFTs). And this funding bankrolled by the likes of Andreessen Horowitz and Mark Cuban is aimed at stirring a developer and player revolt against the establishment of gaming.

The game uses NFTs to uniquely identify cute characters. Players spend real money to acquire those characters and engage in battles with other players. They can level up the characters and sell them to other players, and that generates income for the players.

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Written by

Dean Takahashi

Dean Takahashi is editorial director for GamesBeat. He has been a tech journalist since 1988, and he has covered games as a beat since 1996. He was lead writer for GamesBeat at VentureBeat from 2008 to April 2025. Prior to that, he wrote for the San Jose Mercury News, the Red Herring, the Wall Street Journal, the Los Angeles Times, and the Dallas Times-Herald. He is the author of two books, "Opening the Xbox" and "The Xbox 360 Uncloaked." He organizes the annual GamesBeat Next, GamesBeat Summit and GamesBeat Insider Series: Hollywood and Games conferences and is a frequent speaker at gaming and tech events. He lives in the San Francisco Bay Area.