- Despite the recent problems that Axie Infinity has had, the firm Animoca Brands has its hopes pinned on its developer Sky Mavis and sees in them a great commercial and collaborative opportunity with the crypto and video game industries.
Little by little, digital assets have entered the world of entertainment, one of the areas with the greatest presence being video games, where they have been integrating their systems to the base of various titles, turning them into true jewels of the blockchain, thanks to the gaming systems and the investments made in said games.
Unfortunately, this type of investment has caught the attention of malicious people and hackers, seeing crypto video games as a profitable option to steal and make easy money.
This is the case of the online title based on the NFT blockchain network developed and distributed by Sky Mavis, Axie Infinity,who last march was the victim of one of the decentralized finance hacks largest in the history of the crypto market.
At the time, the study noted that a hacker managed to seize 173,600 ETH, along with $25.5 million worth of USDC stablecoins from the Ethereum-linked Ronin sidechain.
The days that followed the catastrophe, Sky Mavis pointed out that she would not leave all those affected destitute, since it was developing various plans to recover and refund money to all injured gamerss, including raising $150 million in new funding.
This round was led by the digital asset exchange, Binance, along with the involvement of Andreessen Horowitz, Animoca Brands, Paradigm and many others.
Animoca Brands bets on Axie Infinity
Animoca Brands, a leading investor in Web3 start-ups and publisher of the popular game The Sandbox, had already done their bit for investment before, in fact in November 2019long before the boom of Axie InFinity from last year.
Some time later, the crypto title managed to amass a large number of gamers daily, which came accompanied by millions of dollars in total trading volume of non-fungible tokens.
However, nothing is forever, and what turned out to be a winning formula at first, ceased to be so over the months, which caused Axie to start having problems, partly due to the prices of its tokens and NFT values which plummeted as developers made superhuman efforts to try to weather the recession.
Why did Animoca Brands invest more money in Axie Infinity?
Given this context, there is a persistent question among NFT enthusiasts, which is why Animoca Brands chose to invest more in Sky Mavis and the Axie Infinity ecosystem, despite the hack and existing issues.
To solve the mystery, Yat Siu, founder and current CEO of Animoca, said in an interview with the media Decrypt that your company has pinned its hopes on Sky Mavis, in addition to seeing in it, a great commercial and collaborative opportunity with the crypto and video game industries.
“It is one of the best work teams in this area, in addition to having an extraordinarily powerful communitye,” noted Siu of Sky Mavis.
Similarly, Animoca’s founder applauded Sky Mavis’ determination not to touch the community’s treasury at all. Axie Infinity, same that is made up of more than a billion dollars in cryptocurrencies, as a way to solve and cover the stolen funds.
In this regard, andAnimoca’s SEO applauded Sky Mavis’ emerging plan to raise additional funds and make the most of the firm’s existing assets, as he pointed out, it’s a “pretty reasonable and fair way” to deal with the current problem.
“From our point of view, it was just a way to get extra exposure to what is still a financially successful gaming company.”, Siu added about recent investment.
You might be interested in: