Vietnamese start-up company Sky Mavis recently announced it secured $7.5 million in funding. This round of fundraising was led by Dallas Mavericks’ owner Mark Cuban with contributions from other major investors.
“Axie is an amazing platform. It’s fun and engaging,” Cuban told Sky Mavis. “It’s a game you want to play for hours on end. Add the Axie economy and you have something special.”
Sky Mavis said that this money will be used to bring the company’s Axie Infinity platform to millions of gamers. This game allows players to own virtual fighting pets or digital land by purchasing them with NFTs.
NFTs are non-fungible tokens. They work on blockchains, similarly to Bitcoin. However, the difference between the two is each bitcoin can be exchanged for another bitcoin, but one NFT cannot be exchanged for an identical NFT. They are used to mark ownership in a piece of digital media. This can apply to art, collectibles, and video games.
The Profit‘s Take:
Mark Cuban has made his interest in NFTs clear, and he’s putting his money where his mouth is. I’d like to see NFTs applied to the gaming space more rigorously like this, and move beyond collectibles.