Sky Mavis is a technology company that creates decentralized services and applications. Its areas of expertise include information technology, blockchain, and video games. Currently, it has raised a $152M Series B round from investors including Binance. You can find out more about the company and its products at skymavis.com.
Sky Mavis is a decentralized application and service company
Sky Mavis is a technology company that develops decentralized applications and services. The company specializes in blockchain, information technology, and video games. Its mission is to provide a more secure and reliable way to conduct transactions. Currently, Sky Mavis has 11 nodes and a total of 100 servers.
Sky Mavis is based in Vietnam. The team is dedicated to building blockchain-based games. The company’s first game, Axie Infinity, features a decentralized marketplace for unique digital assets. Players can buy, breed, and sell these virtual items using NFT. The company collects 30% of the interest that players earn on these items.
The company monetizes games using nonfungible tokens and takes a cut of the sales price. It also makes money from breeding fees. These fees are paid in Smooth Love Potion (SLP) and the game governance token, AXS. However, Sky Mavis must share this money with developers and owners of AXS. For new players, it costs about $200 to buy three monsters.
In addition to its products, Sky Mavis also developed the Axie Infinity blockchain game and launched the Katana decentralized exchange. The company is also building its own custom Ethereum sidechain, Ronin, in response to user concerns over Ethereum Layer 1. The company’s products are easy to use and manage. In addition, they also introduce an alternative way to earn yield.
It is the developer of Axie Infinity
Axie Infinity is a play-to-earn game that allows players to collect and trade assets in the game. Axies are non-fungible digital tokens, which can be purchased and sold in the game for real-world money. The non-fungibility of these tokens ensures scarcity. The game has been widely criticized by hardcore gamers, but has found a large fan base among emerging markets and mainstream audiences. For this reason, the developers have decided to make it free-to-play to appeal to a wider audience.
Axie Infinity has become the largest NFT gaming ecosystem in terms of traded volume. This growth has been attributed to the scalability of its infrastructure, which includes the Mavis Hub distribution platform, the Ronin Ethereum sidechain, and the Katana decentralized exchange. However, axie Infinity has faced criticism from some hardcore gamers. Many gamers compared the game’s structure to a Ponzi scheme, and others criticized the 2D art style.
After facing the attack, Sky Mavis has launched Axie Infinity: Origin. The game includes free-to-play elements and has been undergoing internal and external audits. The game developer has also installed a circuit-breaker system that prevents suspicious withdrawals.
The game was created by Sky Mavis Inc. and is the largest play-to-earn game in the world. Players can mint NFTs, which represent the creatures they battle, and sell them to other players for real money. The company will refund users on June 28 and reopen the software bridge that was breached in March.
It has raised a $152M Series B round led by Binance
Sky Mavis is a blockchain-enabled game developer. The company developed the top-selling blockchain game, Axie Infinity, which has generated $2.3 billion in sales volume since it launched. With the new funding, the company plans to expand its team and scale its infrastructure. It is also preparing to launch a distribution platform for blockchain games, called Sky Mavis Hub. This will cut out middlemen and allow the company to distribute games built on the proprietary Ronin blockchain.
Sky Mavis is launching a decentralized exchange based on the Ethereum blockchain called Ronin. It is a scaling solution for digital nations. As of August, it had 1.8 million active daily users and a daily sales volume of $33 million. Currently, the company is valued at over $3 billion.
After raising a $7.5 million Series A round from Andreesen Horowitz and Binance in October, Sky Mavis has raised a $152 million Series B round from Binance and other investors. The funds will be used to hire a global team and build new infrastructure and distribution platforms. The company also counts Mark Cuban among its investors.
While the team behind Sky Mavis acknowledges concerns from players, the company is currently focused on making its platform more appealing to users. In the future, the company plans to roll out a F2P version of its platform with wider distribution. It is also working on building a decentralized exchange that would allow users to trade assets directly without cross-chain bridges. It is also developing a user-generated content platform called Ronin.
While Sky Mavis is still in its early stages, the company has shown itself trustworthy. It has made overtures to share power with the owners of AXS governance tokens. This governance tokens facilitate the transfer of ownership to the DAO and are backed by the blockchain. Legal trust connects ownership to decision-making power.
It has a Community Treasury
The Community Treasury is the fund created by Axie Infinity, a game that generated $1.3 billion in revenue in the 12 months ending in February. This represents the value of 56,000 ETH tokens – $185 million USD at today’s prices – held by Axie Infinity’s community. The treasury funds third-party development within the Axie Infinity universe. The fund can only be liquidated if the community approves.
The game’s creators are attempting to break the rules of traditional gaming by allowing players to make a tax-deductible contribution from the money they earn in the game. They’re also promising to make the Axie NFTs universal game tickets. By focusing on the community, they’re trying to build a robust ecosystem that will generate scaled-value over time. Its IP includes the platformer Across Lunacia and a battle royale with Axie-controlled mechs, Mech Infinity. Non-approved developers can also develop experiences, as long as they follow their guidelines.
Sky Mavis is also introducing the Builders Program, a program that introduces user-generated content into the game’s ecosystem. The Builders Program allows players to monetise their own creations, with a small portion going to the Community Treasury. Currently, over 2,000 projects have been submitted to the program, and 12 of them have been selected to receive $10,000 in AXS. The winning projects will also receive guidance from Sky Mavis.
After Sky Mavis released its sidechain, more players flocked to the game and its value went up. This led to increased activity and strain on the game’s infrastructure. By early 2021, the servers began to buckle under the influx of players. The Ethereum network was too expensive and slow to support the amount of players. The game’s developers therefore chose to develop a new sidechain for the game, called Ronin.
It allows players to store digital items
Players can store their digital items in Sky Mavis. This decentralized marketplace allows players to store and exchange digital items. The company has raised $150 million in funding from investors such as Binance. The money should help it meet its working capital needs. It also allows players to buy and sell virtual property.
Sky Mavis is a blockchain-based game service founded by Trung Nguyen. The company has a long history in the gaming industry. The founders have extensive experience in blockchain-based games, including CryptoKitties, one of the first blockchain games. The idea behind the service is to enable players to store and exchange their digital items with ease.
The developers of Sky Mavis believed in the potential of web 3 and decentralization. By not paying 30% of their earnings to the app store and 40% on user acquisition, they would be able to share that money with the players. The money could be used to develop new features and build better experiences for players. Eventually, they hoped that this game would go viral and lift players out of poverty.
The development team at Sky Mavis has designed an innovative digital wallet called Ronin. Players can link this wallet to their Axie Infinity account. Using the wallet, players can purchase and store Axies. Players will also earn Smooth Love Potion, a type of potion needed to breed Axies. This item can be earned by playing adventure games and completing daily quests. These items can be stored in unlimited quantities.