Startup raises $7.5 million for blockchain game

By Thuy Tien   May 13, 2021 | 07:38 pm GMT+7
Startup raises $7.5 million for blockchain game
Illustration of blockchain game Axie Infinity. Photo courtesy of Axie Infinity.
Vietnamese game developer startup Sky Mavis has raised $7.5 million in Series A funding round to further develop its blockchain game Axie Infinity.

A total of 19 institutions and 21 individual investors took part in the Series A funding, including venture capitalists Libertus Capital from the U.K. and Vietnam’s 500 Startups Vietnam, co-founder of social news website Reddit Alexis Ohanian, co-founder of game live streaming platform Twitch Kevin Lin and American billionaire entrepreneur Mark Cuban.

Sky Mavis said it will use the funds to hire developers and bring Axie Infinity, its gaming platform that uses nonfungible tokens (NFTs), to millions of players, according to Nikkei Asia.

NFT is a unit of data stored on blockchain that certifies a digital asset as unique and not interchangeable, besides allowing the digital asset to be bought, sold and traded in the same way as a physical asset.

The startup was founded by Trung Nguyen of Vietnam and Jeff Zirlin of the U.S. in HCMC in 2018. Its first game, Axie Infinity, was released the same year.

The game lets players own virtual fighting pets or digital land, and allows players to purchase them with NFTs.

The company has said that NFTs change the way games are designed. Traditional gamers pay to simply play games, but the blockchain-based games allow players to pay for NFTs that grant ownership of a unique farm in a gaming world, or special skills for their digital pets, and even sell them as an investment.

Earlier this month, another Vietnamese game studio called Topebox and its Vietnamese blockchain partner KardiaChain raised $1 million for their upcoming blockchain game called My DeFi Pet.

 
 
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