Mythical Games to raise $50 million to expand blockchain gaming
Mythical Games, a blockchain-based gaming studio, is looking to raise $50 million from investors to expand its presence in the blockchain gaming industry.
Mythical Games upcoming funding round follows an important milestone
The company’s CEO, John Linden, has traveled to Dubai, a known hub for blockchain tech, in order to meet with potential investors and materialize the $50 million raise. The upcoming funding round comes as the company continues to work toward making Web3 gaming more accessible to mainstream audiences and legacy gamers.
As part of its expansion strategy, Mythical Games has also unveiled the release of Mythical Marketplace 2.0. The release of its new marketplace is the product of the recent acquisition of DMarket, a marketplace for digital skins and non-fungible tokens (NFTs) for gamers. The price of the deal was not disclosed.
As a result of this acquisition, Mythical Games launched the aforementioned Mythical Marketplace 2.0, which was built using the technology developed by both Mythical Games and DMarket for their own marketplaces. According to John Linden, the CEO of Mythical Games, the new marketplace is built on Mythical’s new Layer 1 Ethereum Virtual Machine (EVM) blockchain and powered by the Mythos native ecosystem token, MYTH.
Web3 funding and the rise of blockchain gaming
According to a recent report by ResearchAndMarkets.com, the global market for blockchain gaming is anticipated to experience substantial growth in the near future. The report projects that the market will expand from a value of USD 4.6 billion in 2022 to USD 65.7 billion by 2027, with a compound annual growth rate of 70.3%.
A number of factors are contributing to this market growth, including an increase in funding for blockchain games. The rise of play-to-earn gaming and its integration with blockchain, cryptocurrency, and NFTs is changing the way that players interact with RPGs and other types of games, providing a new level of immersive gameplay and the possibility to earn real rewards. As these trends continue to shape the industry, it is clear that the blockchain gaming market is an exciting and dynamic space worth paying attention to.
It’s also worth noting that despite the downturn experienced in the cryptocurrency market in 2022, venture capital funding has not slowed down for the web3 sector, a trend that may continue in 2023. A recent report by Galaxy Digital revealed that venture capital firms invested over $30 billion in blockchain and cryptocurrency firms, with 31% of deals focused on the web3 sector, which includes non-fungible tokens (NFTs), decentralized autonomous organizations, the metaverse, and online gaming. The report, which was released on January 9th, suggests that this trend will continue in 2023.
Mythical Games had previously raised $150 million in November 2021, with a valuation of $1.25 billion, attracting investors such as Andreessen Horowitz venture firm. However, with the current crypto market conditions, it is uncertain if investors will be willing to renegotiate Mythical’s $1.25 billion valuation under the current conditions.
