NFTs have found widespread applications in unimaginable sectors. Tokenization of assets has been around for some time now but only recently found traction. From music, photography, sports to gaming industries, NFTs have tokenized every part of our digital world.
While the gaming industry continues to grow globally, it is still structured to provide the primary benefits to developers. NFTs are revolutionizing the gaming industry by streamlining the in-game asset purchases and helping gamers enjoy a slice of the benefits. Blockchain-built games enable players to enjoy asset acquisitions and in-game purchases more efficiently.
Mythical Games, a Next-Gen Game Technology Studio
Mythical Games, a blockchain-based game developer, raised $75M in its latest funding rounds to create an open-world multiplayer game powered by NFTs. The Los Angeles-based NFT game developer announced Series B financing of $75 M with new and existing investors. The company in early funding rounds collected around $45 M, taking the total funds value to $120 M so far.
According to the company, these funds will popularize ownership in online games by integrating them with playable NFTs. WestCap Group led the funding round and included other participants such as 01 Advisors, Galaxy Digital, Gary Vaynerchuk’s VaynerFund, Javelin Venture Partners, Struck Capital and Alumni Ventures.
John Linde, the CEO of Mythic Games and the president of Seismic Games (until acquired by Niantic), recently released a statement mentioning,
“This new capital will allow us to continue leading the industry into a new play-to-earn model where various stakeholders like players, artists, content creators, and brands are now directly influencing the game economics.”
The announcement further read, “Via its Mythical Economic Engine and Mythical Marketplace, the team is providing a platform for game developers to create their own player-owned economies.”
Mythic Games is currently focusing on a game called Blankos Block Party, an open-world multiplayer game. The game includes NFT characters that can help players earn while playing. Every character might get individual NFTs and will have different design and value. The game is still in the Beta phase and will require several tweaks before it is launched for the masses.
To avail of the benefits of the NFTs, Mythic Games recently launched a marketplace where players can buy or sell characters. It is exciting to observe the evolution of the gaming industry right in front of our eyes. We wonder what the future holds for us!