What is Sky Mavis? Surely those participating in the Crypto market have more or less heard of the game Axie Infinity. This is considered the most successful Play – To – Earn Game title on the market so far, helping many people change their lives to become millionaires and change their positions in 2021. So are you curious about the team behind it? develop this Game project? That’s Sky Mavis.
So what is Sky Mavis? Founded by whom? Join the Weakhand team to find out below in this article!
Sky Mavis Overview
History begin
In 2017, the Game Crypto Kitties was a Play-to-Earn cat-raising game, leading the wave of Blockchain Games that later inspired the founders of Sky Mavis. The founders of Sky Mavis saw the great potential of Game Blockchain, they connected with each other and established Sky Mavis company in 2018.
They connected with each other, came up with ideas and realized them into the game Axie Infinity – the most successful game in Crypto history to date.
What is Sky Mavis?
Sky Mavis is a Blockchain technology company, a Game Studio established in 2018 from 5 founders (including 3 Vietnamese). Sky Mavis is headquartered in Singapore (because Vietnam does not have a law on registration for Blockchain companies), but can be considered a Vietnamese company.
Sky Mavis became the fastest technology unicorn Vietnam has ever produced. It took Sky Mavis 3 years and 8 months to become a billion-dollar company. After the Series B capital call on October 5, 2021, raising $152M, valued at $3B. At that time, the company only had nearly 40 employees.
Not only establishing itself as an NFT and Game Developer, Sky Mavis also develops a Blockchain ecosystem with many different types of products such as Wallet, DEX, NFT Marketplace, Blockchain Ronin Network,…
Some Outstanding Products of Sky Mavis
Axie Infinity
Axie Infinity is a typical Play To Earn game that allows users to breed and fight with their Pets to earn rewards. It has become extremely attractive especially in 2021 when many players around the world can earn huge income from gaming.
Users can start making money with battles in the arena with other players or playing against the computer with increasing difficulty levels. In 2022, the project team upgraded the original game version to Axie Infinity Origins with the addition of the Axie Homeland product. This is to expand the in-game ecosystem and improve service quality for gaming participants.
Economic model in the Game
Axie Infinity is a game developed according to the model of 2 Tokens: AXS and SLP. The form of playing games to make money has created a major economic loop in Axie:
Buy Axie ⇒ Play Games ⇒ Earn Money ⇒ Buy More & Upgrade Axie ⇒ Play Games ⇒ Earn More Money ⇒ …..
This invisible loop creates a Ponzi scheme. Initially, the project was launched by Fomo and generated thousands of dollars in revenue every day. However, after a while, the number of Pets in the Game skyrocketed, causing NFT prices to decrease. New players “swing to the top” when participating in the game while old players no longer earn as much profit as before ( NFT, token prices decrease). This leads to a downward spiral that causes Axie to go down and earn less and less money.
How to make money in Axie Infinity
Although now it doesn’t earn as much revenue as before. Axie Infinity has recognized the weaknesses in the economic model, so they continuously update new monetization mechanisms to minimize the inflation of tokens and Pets in the market. Here are some popular ways to make money:
- Participate in tournaments: Every once in a while, Axie Infinity will organize tournaments where users can compete against each other. The range of rewards obtained is also extremely attractive for participants.
- Staking Land: Users can Stake their Land into Axie Infinity and earn rewards of AXS Tokens.
- Breeding Axie: Players can combine 2 Axies + 1 charge equal to SLP and AXS to breed to create 1 baby Axie. Players can sell their created Axie on the Axie NFT Marketplace. However, with the current price of Pet Axie only falling at just over $1 USD, the profit earned is not much.
- Staking AXS: Users can Stake AXS Tokens on the platform to earn profits with an APR of around 36%.
- Speculating on Pet Axie, AXS: If users believe that the price of AXS Token or NFT Axie can grow in the near future, then people can buy at the present time and wait for price increases in the future.
Ronin Network
Ronin Network is an Ethereum sidechain researched and built by Sky Mavis. Ronin Network is the only blockchain proven to scale a game to accommodate millions of daily active users and has processed over $4B USD in NFT trading volume.
Ronin Network optimization enables transactions to be carried out at high speed and negligible fees allowing millions of in-game transactions to occur seamlessly making it the top choice for web3 games.
Ronin Network’s operating mechanism
Ronin initially uses the Proof of Authority (PoA) consensus mechanism – a reputation-based consensus algorithm in which Validators are selected by Sky Mavis and the community to validate transactions and maintain the network.
However, the PoA consensus mechanism faces some disadvantages such as being less decentralized because it only relies on a group of Validators to validate and maintain the network. Therefore, to increase decentralization, Ronin Network has integrated Delegated Proof of Stake (DPoS) into Validator selection, allowing anyone who holds a certain amount of RON Tokens to become a Validator of the network. This gives Validators on Ronin Network greater responsibility in creating and validating transactions and protecting the network.
Ronin Network ecosystem
Although the Ronin Network ecosystem is not yet completely complete, it still has important pieces to serve the development of games built on Ronin Network. Here are some popular projects:
- Axie Infinity: Axie Infinity is a Play To Earn game released by Sky Mavis built on Ronin Network.
- Ronin Bridge: Ronin Bridge is a bridge used to transfer assets between the Ethereum blockchain and the Ronin Network.
- Ronin Block Explorer: Is a platform that allows users to access information on the Ronin Network blockchain in real time, such as transactions, blocks, addresses, contracts,…
- Ronin Staking: is a platform where RON token holders can choose a Validator to delegate their RON. They can manage their stake and receive rewards from staking their RON tokens.
- Katana DEX: Is a decentralized exchange (Dex) that allows users to trade tokens in the Ronin Network ecosystem. Currently, Katana only supports 5 types of tokens including: RON, WETH, AXS, SLP and USDC.
- MetaLand: MetaLand is an NFT Lending platform that allows users to use NFTs as collateral to borrow WETH.
Core Team
Nguyen Thanh Trung – CEO & Co – Founder
- He graduated with a bachelor’s degree in science and computer software engineering from FPT University.
- He is Co Founder and CTO at Lozi.vn – Vietnam’s first e-commerce startup that has raised about $10 million in capital and is still operating as of May 2012.
- After that, he quit his job and moved to work as a Software Engineer at Anduin Transactions – a platform that allows investors to make transactions faster and easier in September 2015.
- In January 2018, he quit his job and joined Sky Mavis. Currently, he is Co Founder & CEO at Axie Infinity.
Aleksander Leonard Larsen – COO & Co – Founder
- Aleksander graduated with a degree in economics and management from Norwegian Business School.
- Aleksander and his partners founded Sky Mavis and Aleksander is responsible for everything related to business in Axie Infinity. He also works at Blockchain Game Alliance and holds the position of secretary.
- Aleksander has been working in the Asia Pacific region since early 2018 and has a vast network of Blockchain and gaming industry connections especially in Vietnam, Hong Kong, Korea and Japan.
- Before Axie Infinity, Aleksander also worked for a Norwegian government security organization and spent his free time as a Streamer for Dota 2 games on the Twitch platform.
Jeffrey Zirlin – Co-Founder
- In 2015, Jeffrey Zirlin graduated from Yale University with a Bachelor’s degree in History.
- In 2018, Jeffrey Zirlin and his colleagues founded Sky Mavis and wrote history 3 years later.
Investor
Sky Mavis successfully raised $311M after 4 rounds of capital from 36 investors, details of the capital calls are as follows:
- September 8, 2019: Sky Mavis successfully raised $1.5M in Seed round from 5 investors, led by Animoca Brand.
- May 11, 2021: Sky Mavis continues to successfully call for $7.5M in Series A round from 17 investors, led by Libertus Capital.
- October 5, 2021: Sky Mavis continued to successfully raise $152M in Series B from 21 investors and was led by A16z.
- April 6, 2022: Sky Mavis continues to successfully raise $150M in Series C capital from 6 investors, led by Binance Labs. In this round, Sky Mavis is valued at $3B. This amount of money is supported by investors to overcome Ronin Birdge being hacked.
Studio Information Channel
- Website: https://skymavis.com/
- Twitter: https://twitter.com/SkyMavisHQ
- Facebook:
Summary
What is Sky Mavis? It’s a company, Blockchain Game Studio. Sky Mavis is probably considered the pride of Vietnam, a technology unicorn that Vietnam has ever produced. Sky Mavis made a big splash when it developed the most successful game in Crypto history. Since then, Sky Mavis has become a technology company with a capitalization of $3B, with extremely fast growth.
Above is the information about what Sky Mavis is that the Weakhand team found out. Hope it helps you understand the development team behind the games Axi Infinity and Ronin Network.
