Thanks to financial backing from some big names like Michael Jordan and Robert Kraft, game developer Mythical Games raised $150 million last month, bringing the company’s valuation to $1.25 billion. The new funds are set to help the company develop its “Mythical Platform,” where players can trade NFTs. Mythical announced earlier this month that three game development studios will begin working on games for the upcoming platform, including a racing game from Creative Mobile, an action-strategy game from Abstraction Games, and a digital trading card game from CCG Lab. All three of these games will be part of Mythical’s “play-to-earn” model, which links players’ achievements and collections inside the game to real-world crypto wallets using Mythical’s blockchain technology.
“Players spend billions of dollars on digital assets each year, but the value of their collections has been locked away from them,” said John Linden, CEO of Mythical Games. “Utilizing NFTs in gaming creates a whole new set of game design principles built around scarcity vs. inflationary free-to-play economies,” Linden said. “Soon it will seem crazy we as players ever spent time or money on games without getting real value in return.”
Following this Series C round, Mythical has raised roughly $270 million to date — $225 million of that was raised in this year alone, as the company aggressively pushed for funding to build out its upcoming platform and new games. It raised a $75 million Series B round in June.
Other investors included Andreessen Horowitz, Boston Red Sox director Michael Gordon, OneRepublic lead vocalist Ryan Tedder, and sports agent, Curtis Polk. Crypto exchange operators Binance and FTX also invested, alongside RedBird Capital, the Raine Group, and the Kraft Group (owners of the New England Patriots and soccer team New England Revolution). Existing investors Struck Capital, Alumni Ventures, Signum Growth Investments, Galaxy Interactive, WestCap, 01 Advisors, and Javelin Partners also joined the round.
(All information was provided by dot.LA)
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