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Technology

Vietnam's Sky Mavis lands $7.5m for token-powered gaming

Mark Cuban among backers of startup bringing blockchain tech to games

Sky Mavis' game platform lets players own virtual fighting pets or digital land, purchasing them with blockchain-based tokens. (Photo by Yuki Kohara) 

HO CHI MINH CITY -- Vietnamese startup Sky Mavis has raised $7.5 million from U.S. billionaire Mark Cuban and other investors to further develop what it says is the world's biggest gaming platform using nonfungible tokens (NFTs).

Sky Mavis said it will use the funds to hire developers and bring its Pokemon-inspired Axie Infinity platform to millions of players. The game lets players own virtual fighting pets or digital land, purchasing them with NFTs. These blockchain-based tokens certify a digital asset as unique and allow the rights to it to be bought, sold and traded in the same way as a physical asset.

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