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Miguel Cordon · · 5 min readSky Mavis regains its footing as crypto winds turn
The hype behind Axie Infinity has fizzled out. But Sky Mavis, the Singapore-based creator of the hit blockchain title, is now playing the game a bit differently.
The company’s revenue rose 51% to US$35.2 million for the fiscal year ending March 2024 (FY 2024), according to its latest audited financial statement.
This is still just 3% of the US$1.3 billion it drew at the height of Axie Infinity in 2021.
Photo credit: Sky Mavis
Sky Mavis – which counts a16z and Binance among its backers – posted a profit before taxes of US$16.8 million in FY 2024, tripling year over year.
Its most recent results suggest that Sky Mavis is no longer solely reliant on the transaction-based fees from its hit game that fueled its meteoric rise.
In the past year, the company has invested more into expanding its ecosystem of Web3 games and services.
In an email interview with Tech in Asia, Sky Mavis co-founder and CEO Trung Nguyen said while 2021 was an “exceptional year driven by unique market conditions,” the focus of the company has changed.
Now, it’s adding services to make its revenue base more “stable and sustainable” as well as more resilient to upturns and downturns in the fickle crypto market. This includes Mavis Market, a game launchpad for developers.
World Wide Web3
Sky Mavis was founded as a Web3-focused game studio in 2018. Aside from its titles, the company runs gaming-focused blockchain Ronin as well as a marketplace where users can purchase in-game items with crypto tokens.
Beyond gaming, Ronin also hosts Katana, a decentralized exchange where users can trade different tokens without leaving the Ronin platform.
Transaction volumes on Sky Mavis’ offerings grew strongly alongside revenue in FY 2024, in line with a general upswing in the crypto market.
On its marketplaces, total trading volume increased from US$33 million in FY 2023 to US$71.2 million in FY 2024, Nguyen shares.
See also: Meet the Vietnamese developer behind blockchain game Axie Infinity
Finetuning Ronin
“Hypergrowth” in 2025
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Years after peak Axie Infinity mania, its creator is still making gains. Now, Sky Mavis is building an ecosystem beyond that game.
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