In the context of blockchain games being banned in Korea, Samsung Next investment fund still participates in Sky Mavis’ USD 152 million Series B funding round.
On October 5, the publisher of the game Axie Infinity, Sky Mavis announced that it has successfully raised USD 152 million in Series B (2nd round of funding).
This round of funding was led by well-known investment company A16z. In addition to A16z, many other investment funds participated in the fundraising, including Samsung Next, Samsung’s fund based in the US.
Kim Jeong-soo, an industrial and engineering management expert at Myongji University, thinks Samsung invests in Sky Mavis because of its high ROI (return on investment).
“Samsung knows that Axie Infinity is the most popular blockchain game right now. Moreover, this game can make Samsung realize blockchain and NFT has become popular,” said Kim.
However, this move by Samsung went against the Korean ban on releasing blockchain games. Specifically, in the event “The Future of Blockchain Games”, the country’s authorities considered that NFT was a speculation. As a result, Korea’s Game Rating and Regulatory Commission banned the release of blockchain games in the country.
Talking about this issue, Mr. Kim Jeong-soo believes that the Korean government will ease restrictions in the future.
“Korea is focusing on developing Metaverse (virtual world), blockchain asset ownership issues will be discussed in a positive light by the government. This will be a good sign for active games. acting on the blockchain,” Kim said.
After the funding round, Sky Mavis also shared that they want to accelerate their product development. This plan includes upgrading the battle system of Axie, released a decentralized exchange Ronin DEX, game Project KY and expand the ecosystem of Axie Infinity.
“Our company’s project has spread quickly. However, raising capital from new investment funds will allow us to expand our reach, hire more people without using them. the amount of AXS cryptocurrency the company is holding,” Sky Mavis shared in an announcement.
Axie Infinity is one of the biggest money-making games by market capitalization, allowing players to accumulate exchangeable cryptocurrencies. In Lunacia, the game’s virtual world, the player controls creatures called Axies to collect two coins, the Smooth Love Potion (SLP) and the Axie Infinity Shard (AXS).
Currently, the trading of coins in Vietnam has not been recognized and protected by the Law. Therefore, if a player deposits money into Axie Infinity to “plow coins”, this is also a risky investment.
The founder of venture capital group BTX Capital, Vanessa Cao thinks that the money-playing model is like Axie Infinity is inherently unstable and unhealthy.
“Players have to pay hundreds of dollars in advance to get started. This is the wrong idea. You can’t make someone pay before they know how the game works,” Ms. Cao explained.
The information about the coin in the article is not investment advice from Newspaper. Cryptocurrency investment activities are not recognized and protected by the Law of Vietnam. Cryptocurrencies always carry many financial risks