Venture caps almost always do their valuations based on future...

Venture caps almost always do their valuations based on future worth. Sky Mavis is the game studio for Axie and does not actually represent the valuation of Axie. The 3B valuation would mostly be based on their ability to continue creating games such as Axie in the future. Having said that, they get 17% of revenue generation of Axie and on the current 500m a month, it gives the company a 6b runway. Whether that continues going up to a billion a month or comes down to 100m a month is anyone’s guess - however personally am quite bullish on this new ecosystem. The job creation in 3rd world countries with this model is super attractive as the gamer can earn way above minimum wages in their country by basically being self employed.

I think this whole NFT and blockchain gaming and play 2 earn is simply too early and came in too fast for most investors and VC to calculate on future potentials but give it a couple of years and if the projection is still on the right track of growth then I can see an explosion in valuation across the board.