Sky Mavis

What Sky Mavis does

Sky Mavis Pte Ltd is a Singapore-incorporated blockchain gaming company founded in 2018 in Vietnam, operating Axie Infinity and the Ronin blockchain. The company's core product, Axie Infinity, is a virtual world game built around NFT creatures called Axies that players collect, breed, and battle using a dual-token economic model: AXS as the governance token and SLP as the utility token for breeding mechanics. Axie Infinity is the originating application that drove play-to-earn adoption in Southeast Asia, particularly Vietnam and the Philippines, with millions of users onboarding through guild networks like YGG.

Underlying the game is Ronin, an EVM-compatible blockchain that Sky Mavis built specifically for gaming with player-owned economies. Ronin is described as the #1 gaming-centric blockchain by all-time NFT volume, having processed over $4B in lifetime NFT trading volume. The company is migrating Ronin from an Ethereum sidechain to a true Ethereum Layer-2 network (announced May 2026) to reduce RON token inflation from over 20% to less than 1%, increase marketplace fees flowing to the Treasury by 2.5x, and introduce proof-of-distribution developer rewards. Supporting products include Mavis Market (NFT trading), Mavis Hub (downloadable access), App.Axie (collectibles), and game modes Axie Infinity: Origins and Axie Infinity: Homeland. Newer releases include Duet Monsters (mobile rhythm game, 2024) and Atia's Legacy (2026 playtest).

Sky Mavis generates revenue from NFT marketplace trading fees, in-game breeding/transaction fees, Ronin network transaction fees, and developer infrastructure licensing via the Mavis Ecosystem. Its go-to-market is product-led and community-led: users onboard directly through Axie Infinity by purchasing NFTs, supported by gaming guilds, social media channels, and event participation (e.g., YGG Play Summit). The customer base is fragmented across millions of individual play-to-earn gamers, NFT traders, and a smaller cohort of Web3 game developers building on Ronin. The company has raised $309.5M+ cumulatively across Series A, Series B, and a post-hack recovery round, and is recognized as one of Vietnam's six unicorns.

Name

Sky Mavis

Legal name

Sky Mavis Pte Ltd

Website

https://Skymavis.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Sky Mavis operates Axie Infinity, a play-to-earn blockchain game with NFT creatures and dual-token economics, and Ronin, an EVM-compatible gaming blockchain. It serves millions of individual play-to-earn gamers, NFT traders, and Web3 game developers globally, monetizing via marketplace fees, transaction fees, and developer infrastructure.

Ownership category

akta.pro rank

Product category

Blockchain Gaming

akta.pro primary industry

Blockchain Game Studios & Game Development (FSAPAGAC)

akta.pro secondary industries

Web3/Blockchain Game Studios (MPAFAAAO), On-Chain Game Engines & Developer Tooling (SDKs, APIs, Unity/Unreal plugins) (FSAPAGAB)

Keywords

• Blockchain gaming platform
• NFT gaming marketplace
• Play-to-earn gaming
• EVM blockchain infrastructure
• Web3 game development

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. NFT Marketplace Trading Fees: Sky Mavis earns revenue from trading fees on the Axie Infinity marketplace where players buy and sell Axies, NFT items, and other digital assets. This includes both primary sales and secondary market transactions.
2. In-Game Purchases and Breeding: Revenue from players purchasing new Axies and using SLP (Small Love Potion) tokens for breeding new creatures. The breeding mechanic creates a recurring revenue stream based on game economics.
3. Token Economics (AXS, SLP, RON): The company benefits from its native token ecosystem including AXS (governance token), SLP (utility token), and RON (network token). Revenue is derived from network fees and token value appreciation.
4. Ronin Network Fees: Transaction fees from the Ronin blockchain used by Axie Infinity and other games built on the network. Following the Layer-2 migration, fees flowing to Treasury increased by 2.5x.
5. Developer Tools and Infrastructure: Revenue from providing infrastructure, APIs, and tools to third-party game developers building on Ronin through the Mavis Ecosystem.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels9 records

Core offering

Sky Mavis develops and operates Axie Infinity, a blockchain-based virtual world game in which players collect, breed, and battle NFT creatures (Axies) using the AXS governance token and SLP utility token. It also operates Ronin, an EVM-compatible blockchain purpose-built for gaming with player-owned economies, and the Mavis Ecosystem of developer tools (including Mavis Market and Mavis Hub) that enable third-party studios to build and scale Web3 games.

Product overview

Sky Mavis operates a platform-plus-modules architecture centered on blockchain gaming. The core offerings include Axie Infinity (a virtual world game with NFT creatures), Ronin (an EVM blockchain for gaming), and the Mavis Ecosystem (developer tools). Supporting products include Mavis Market (NFT marketplace), Mavis Hub (downloadable app), App.Axie (collectibles trading), and game modes Axie Infinity: Origins (tactical card battler) and Axie Infinity: Homeland (village-building). The products work together as an integrated gaming and blockchain infrastructure ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• Axie Infinity: A blockchain-based gaming platform and virtual world filled with NFT creatures called Axies, built to introduce players to blockchain through a fun, nostalgic game.
• Ronin
• Mavis Ecosystem
• Mavis Market
• Mavis Hub
• App.Axie
• Axie Infinity: Origins
• Axie Infinity: Homeland
• Duet Monsters

Products and services

• Axie Infinity A blockchain-based virtual world game in which players collect, breed, and battle NFT creatures called Axies and earn the AXS governance token and SLP utility token through gameplay. Targeted at play-to-earn consumers, particularly in Southeast Asia.
• Ronin An EVM-compatible Layer-1 (transitioning to Layer-2) blockchain engineered specifically for high-volume gaming applications and player-owned economies, providing low transaction costs and NFT primitives for games including Axie Infinity and third-party titles such as Pixels and Duet Monsters.
• Mavis Market An online NFT marketplace where users buy, sell, and trade Axies and other digital collectibles within the Sky Mavis ecosystem, generating trading-fee revenue for the company.
• Mavis Hub A downloadable application that provides players and developers with centralized access to Mavis ecosystem tools and services, including Axie Infinity and Ronin-connected experiences.
• Mavis Ecosystem A suite of developer tools and infrastructure products from Sky Mavis that enable Web3 game studios to build, launch, and scale blockchain games with player-owned economies on Ronin.
• Duet Monsters A free-to-play mobile rhythm game built on the Ronin Network that lets players earn SLP and AXP tokens by playing with NFT Axies, co-developed with music distribution partner Cadenverse.

Quantifiable outcome

• Ronin is the #1 gaming-centric blockchain by all-time NFT volume
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered notable and core.

• NDAChain / GOE Alliance / PILA / TOTM TechnologiesnotableStrategic or Co-development Partner · 21 April 2026Sky Mavis is part of the On-chain Finance Network initiative under NDAChain, Vietnam's national blockchain platform. This multi-party exploration framework includes GOE Alliance, PILA, and TOTM Technologies, testing cross-border interoperability between sovereign jurisdictions.
• Global On-Chain Economy AlliancecoreStrategic or Co-development Partner · 26 November 2025Sky Mavis is part of the Global On-Chain Economy Alliance launched at Vietnam International Financial Centre in Ho Chi Minh City. The alliance includes Dragon Capital, Tether, Ava Labs, Viettel Digital Services, Republic, and Onchain Academy to build digital economic infrastructure.
• CadenversenotableStrategic or Co-development Partner · 10 May 2024Cadenverse partnered with Sky Mavis for Duet Monsters, a mobile rhythm game on the Ronin Network. The partnership combines music distribution and gaming platforms to expand reach in web3 gaming and mainstream music distribution.
• Trust WalletnotableTechnology or IntegrationTrust Wallet is listed as a partner on Sky Mavis's website, providing wallet integration for the Ronin ecosystem.
• FireblocksnotableTechnology or IntegrationFireblocks is listed as a partner providing infrastructure security for the Sky Mavis ecosystem.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Animoca Brands: Hong Kong-based Web3 gaming and digital property group and an early Sky Mavis investor; operates gaming studios, NFT franchises (e.g., REVV Motorsport, Sandbox land), and the Mocaverse ecosystem, making it the closest peer in business model and product surface.
• Immutable: Operator of Immutable zkEVM, a gaming-focused Ethereum Layer-2 with its own SDK and marketplace. Direct competitor to Ronin for hosting third-party Web3 games and NFT economies.
• Gala Games: Web3 gaming network building a portfolio of play-to-earn titles (Spider Tanks, Mirandus) on its own L1, with token-based economies and a node operator model structurally similar to Sky Mavis.
• Yield Guild Games (YGG): Web3 gaming guild that was the principal onboarding partner for Axie Infinity players and now expands across multiple games; highly relevant as both a distribution partner and a fellow play-to-earn economy builder.
• Yuga Labs: Creator of Bored Ape Yacht Club and Otherside metaverse game; competes in the NFT/Web3 gaming and player-owned economy category at a comparable scale and brand level.
• The Sandbox: Decentralized virtual world where players own LAND NFTs and build games; a directly comparable metaverse + NFT economy platform with token-based governance and creator monetization.
• Dapper Labs: Builder of the Flow blockchain and operator of NBA Top Shot/CryptoKitties; the original NFT-based gaming company and a structural precedent for Axie Infinity's model of player-owned digital collectibles.
• WAX (Worldwide Asset eXchange): Gaming-focused blockchain and NFT marketplace that has historically been one of the highest-volume chains for game-related NFTs; competes with Ronin for game studio integrations.
• Illuvium: Open-world RPG built on Immutable with play-to-earn mechanics and NFT creature collection; functionally similar to Axie Infinity in creature-collection loop and on-chain economy.

Broad incumbents

• Polygon Labs: Major Ethereum Layer-2 ecosystem whose Polygon Studios division aggressively courts Web3 game studios with grants and tooling; competes for the same third-party developer mindshare as Mavis Ecosystem on Ronin.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/SkyMavisHQ
• YouTubeyoutube.com/@skymavisvietnam
• Facebookfacebook.com/SkyMavisHQ
• LinkedInlinkedin.com/company/skymavis

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds4 records

Investors32 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sky Mavis