Mythical Games’ Series C Funding Round Yields $37M for Building In-Game Marketplace
Mythical Games, the prominent next-generation video game studio, has generated $37 million in a series C1 funding round. The Mythical group announced plans to invest in creating a new marketplace. The gaming company will invest the remaining amount in expanding its revenue streams.
According to the announcement, the $37 million funding propelled the firm’s valuation to over $1 billion. In a statement, the chief executive of Mythical Games, John Linden, stated that the gaming company would prioritize maximizing its business profitability by Q4 of 2023. He affirmed that the funds generated would support the business to yield more gains.
Mythical Games Successful Funding Round
Interestingly the funding round was led by Scytale Digital in collaboration with ARK Invest. It was reported that the Animoca brand, PROOF VC, MoonPay, and Stanford Athletics were among the participants.
In the past, Andreessen Horowitz, WestCap, Struck Capital, Signum Growth, and Gaingel were among the key investors in Mythical Games funding projects. Referring to the Mythical report, the gaming company projects to generate an extra $20 or $30 million at the end of the funding round, which will be in the coming months.
Furthermore, the gaming company is developing a new game dubbed Nitro National World Tour. The Mythical team launched the new game’s pre-sale for nonfungible tokens (NFTs) in February. In a statement, the developers of the new game plan to roll out the video game in a couple of months.
The Mythical report illustrated that the Los Angeles gaming company would utilize the fund to create an in-game marketplace for its latest development NFT Rival. The Mythical group expressed delight a few months after the NFL Rival reached over one million downloads.
Mythical Games Reveals Next Move
Per Linden’s report, the release of Nitro Nation World Tour will rank as Mythical’s third game on its portfolio. He restated that the Mythical team will launch its new game soon. Linden confessed the Mythical team is currently working on developing new games without providing further details.
Recently the gaming company revealed plans to migrate from the Ethereum blockchain to the Polkadot network. In their report, the game publisher lamented that the Ethereum network experienced slow transaction speed, and the operational cost was slightly higher. The challenges battling Ethereum, such as speed and scalability, forced the firm to move its Mythical Chain to a suitable network.
In an earlier report, Linden confessed that the Mythical platform had established a modest expansion to meet the needs of the gaming world. He explained that due to the change in the Mythical platform, the Ethereum network fails to be an ideal platform to support the growth of the gaming company. The CEO argued that the gaming company requires a partner willing to scale up with the Mythical team.
Based on the Mythos Chain data, the Mythical generated around $29 million last month. As of this writing, Mythical Games ranks among the blockchain games with the largest NFT sale.
In 2021 the gaming company secured $150 million in a Series C funding round led by A16Z. The CEO confirmed that the gaming company had abandoned plans to launch a Series D funding round.
He added that the gaming company plans to provide the user with cutting-edge products. However, Linden confirmed that most Mythical users are unfamiliar with cryptic terminologies, such as Web3 and private keys.
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