Mythical Games Secures $37M Funding for In-Game Marketplace in Series C Round
Game publisher Mythical Games has recently raised $37 million in a Series C1 funding round, in a bid to launch a new marketplace and pursue additional revenue-generating initiatives. With this new funding, Mythical Games maintains its unicorn status, with a valuation exceeding $1 billion.
The Plans and Vision of Mythical Games
John Linden, co-founder and CEO of Mythical Games, stated that their main focus is on optimizing the business to achieve profitability by the end of the year. The funds raised will primarily be used to support these efforts. The company plans to release a new game called Nitro National World Tour in the next few months, along with the development of an in-game marketplace for its existing title NFL Rivals. It is worth noting that pre-sales of non-fungible tokens (NFTs) for Nitro National World Tour have been ongoing since February.
The Funding Round and Investors
The Series C round was led by Scytale Digital, with participation from ARK Invest, Animoca Brands, MoonPay, PROOF VC, and Stanford Athletics. Notably, previous investors such as Andresseen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital also contributed to the round. It is expected that an additional $20 to $30 million will be raised in the coming months to close the full round.
Evolving Platforms: Migrating to Polkadot
Mythical Games recently announced the migration of their Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem. This decision was driven by Ethereum’s slow transaction speeds and high transaction costs. John Linden, the CEO of Mythical Games, explained that they needed a blockchain partner that could scale with their platform’s growing needs.
Impressive NFT Sales Volume
Mythical Games has established itself as one of the top blockchains by NFT sales volume, with $29 million in sales over the past 30 days. This latest funding round serves as an extension of their previous capital raises, including $225 million secured in two rounds in 2021.
It’s exciting to see the continued growth and success of Mythical Games in the gaming industry. With their recent funding, they are well-positioned to further develop their games and expand their in-game marketplace. The migration to the Polkadot ecosystem showcases their commitment to provide an optimal user experience. To stay updated on the latest news and trends in the crypto and gaming industry, visit Uber Crypto News.