Sky Mavis, the company behind hit play-to-earn NFT game Axie Infinity, raised a $152-million Series B at a valuation of nearly $3 billion, putting it alongside some of the largest gaming companies in the world.

The fundraise was led by a16z, with contributions from Paradigm, Accel and others.

“As soon as we met Trung, Aleks, and Jiho and immersed ourselves in the Axie Infinity universe, it was clear that Sky Mavis had the power to revolutionize the gaming world as we know it,” Andrei Brasoveanu, partner at Accel, said in a statement. “The team is building a category-defining play-to-earn NFT gaming and infrastructure company and we’re thrilled to be partnering with them as they continue to break new, ambitious frontiers”

The valuation is remarkable for Sky Mavis, who started Axie Infinity in 2018 and is less than two years removed from a $1.5 million seed round. Based around collecting and battling cuddly NFT creatures called Axies, Sky Mavis’ game exploded in popularity this year, and now has more than 2 million active users, according to CryptoSlam.io.

Its estimated valuation would be more than what Microsoft paid for Minecraft-developer Mojang in 2014. That year, Minecraft surpassed 50 million in sales and had an active community several times that of Axie Infinity.

It’s also less than half of the $7.5 billion Microsoft paid for the parent company of celebrated developer Bethesda Gaming earlier this year. Bethesda has sold well over 100 million games worldwide over nearly three decades. 

Disclosure: Stephen Stirling is a senior reporter for the Street Crypto. He is an NFT artist that uses the platform OpenSea, and holds NFTS from NBA TopShot, Zed.Run, Robotos and Superlative Secret Society currently valued at more than $500 USD.