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The NFT sector is still going strong, even as the year is approaching its end. Not only that, but some NFT developers whose creations have seen great amounts of popularity have managed to prove themselves to investors through their NFTs, which ended up being incredibly rewarding for those who knew how to use them.
One example is Sky Mavis, a studio that previously created an extremely popular NFT game known as Axie Infinity (AXS/USD). The developer recently held a Series B funding round which was just recently completed, and according to reports, it ended up raising as much as $152 million.
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The studio revealed the amount in its statement published earlier today, October 5th, announcing that the funding round was closed, and revealing the amount. The announcement further went on to list some of the biggest and most prominent investors who led the round, such as a global cryptocurrency exchange giant, FTX, led by Sam Bankman-Fried.
Apart from FTX, the funding round also attracted Andreessen Horowitz, a major venture capital fund known throughout the world.
Taking the next step
Now that the round has been completed, the Axie Infinity developer revealed its plans for the money. According to the announcement, they aim to use it for creating economic and financial freedom for gamers. In addition to that, Sky Mavis also intends to work on improving and upgrading its gaming platform.
However, another major goal that the company revealed is its plan to release a Ronin-based decentralized exchange.
The company has come a long way since February 2018, when Axie was originally created. The developer noted that NFTs were essentially unknown at the time, but they believed that non-fungible tokens have potential, which is why they worked hard on creating and perfecting the product that went big only three years later when the NFT sector finally started attracting the attention it deserved.
The work is not yet done, of course, and the Axie maker has further plans which now have a much better chance of becoming reality, thanks to the generosity and support of its investors.