Non-fungible token (NFT) games startup Mythical Games completed a Series B round of funding led by growth equity firm WestCap. Other participants included Gary Vaynerchuk’s VaynerFund and Galaxy Digital, amongst others. The funding totaled $75 million, bringing the mixture amount of cash raised by the gaming company to $120 million.
In traditional video games, players pay real money for in-game items that don’t have a use outside of the sport , which can’t be easily transferred or sold to other players. Billions of dollars are spent on in-game assets (more than $50 billion/year) across the computer game industry that are useless if players lose interest within the game or don’t need the digital item to play anymore.
Mythical Games is addressing this issue by turning the digital items into NFTs in their games. This way, the things are often sold to other players, with prices adjusted for the scarcity of the item.
The company has already launched its first game, Blankos Block Party, which currently has quite 100,000 NFTs. it’ll use a part of the funding to expand the game’s reach through various gaming platforms.
Mythical Games also supports Mythical Economic Engine and Mythical Marketplace, which are platforms where consumers can develop and commercialize their own NFTs for in-game use.
The Economic Engine and Marketplace provides a new space for content creators within the industry to develop and promote their art during a very competitive market. These platforms, alongside the play-to-earn model of the sport , can enhance the interest and involvement of secondary stakeholders with Mythical’s games.
The private blockchain wont to support Blankos Block Party and therefore the company’s two platforms uses a symbol of Authority model that’s more sustainable than the more common Proof of labor model used for mining NFTs. additionally , neither the sport nor the marketplace require any cryptocurrency ownership for participation.
“Mythical Games has proven itself a pacesetter in bringing the concept of player-owned economies and play-to-earn ecosystems to the gaming industry,” said Adam Bain, co-founder of 01 Advisors, one among the investors. “Mythical is well-positioned to bring blockchain gaming to the masses through developers and publishers, and we’re excited to get on board as they still evolve the worldwide games market.”
Mythical Games was one among Forbes Disruptive Technology Companies to observe in 2019 and a quick Company’s World Changing Ideas in 2021. The team behind the corporate has experience with major gaming franchises like Call of Duty and World of Warcraft.
Meanwhile, Animoca Brands subsidiary nWay is additionally developing a play-to-earn computer game where the “earnings” are NFTs of the Olympics. Animoca, which recently raised $88 million at a $1 billion valuation, has partnered with Hedera Hashgraph to develop two gaming projects on its public distributed ledger.