Samsung’s investment arm participated in the latest investment round of Sky Mavis, the company that develops Axie Infinity. Samsung has already backed the Blockchain gaming industry.
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Samsung, the tech equipment giant, has taken a step to support the growing gaming industry Blockchain.
The investment subsidiary of the tech giant, Samsung Next, participated in a Series B round of USD $ 152 million Sky mavis, the game company Blockchain based in Vietnam that develops the popular play Axie Infinity.
As previously reported DailyBitcoin, the latest round of investment is led by the venture capital firm, Andreessen Horowitz, A16z, and places the decentralized video game company at a valuation close to USD $ 3 billion. The latest injection of funds comes shortly after a $ 7.5 million Series A announced on May 11, 2021.
Axie Infinity keeps growing
In addition to Samsung, other prominent companies also participated in the investment round. These included the cryptocurrency exchange FTX, Paradigm, Standard Crypto, Accel, Fabric Ventures, among other.
Axie Infinity is a Play-To-Earn game based on Blockchain which has grown rapidly this year. Similar to Pokémon, this video game takes advantage of tokens non-expendable (NFT) to allow its players to breed collectible monsters and earn money in the process.
Although it was released in 2018, the game has grown in popularity in recent months. According to data from DappRadar, Axie Infinity It has generated a record revenue close to USD $ 500 million in the last 30 days.
The maker of Axie Infinity highlighted in a statement that it will use the capital raised in the last round to “create economic and financial freedom for players“, and I add:
While we have scaled at an astonishing rate, adding institutional investors to our community will allow us to expand our reach, strengthen our legitimacy when it comes to regulatory protection, and give us the flexibility to scale and contract aggressively.
Samsung backs NFT gaming industry
Even though games based on digital currencies and NFT are blocked by the South Korea Games Administration and Classification Committee, Samsung has taken a step to invest in the company in back of Axie Infinity. According to some experts, the reason for this decision could be due to the high performance that the world-famous video game has shown in recent months.
On the other hand, it could also be a sign of the recognition that Samsung is giving the video game industry Blockchain and NFT, despite local regulations. This is not the first time that the technology giant has invested in this sector. Last year, Samsung had already participated in an investment round of Dapper Labs, the NFT company behind the projects NBA Top Shot and CryptoKitties.
The South Korean provider also reported on a software update in May to add support for decentralized applications (DApp) and virtual currencies on its smartphones. Galaxy. Also, I had already added the app Top shot to your app store Galaxy last year.
It should be noted that it’s not the first time Samsung Is associated with Axie Infinity. According to a Axie’s blog post, Samsung Blockchain Wallet added support for Axie in October 2019, allowing users of such devices to play and collect Axies directly from their mobile phones.
Hannah Estefanía Pérez’s version / DailyBitcoin
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