The blockchain-based company, Mythical Games, is living up to its slogan as the ‘Next Generation Game Technology’.
In its latest Series C funding, led by a16z, the NFT game platform raised $150 million, as announced on Thursday.
Andreessen Horowitz, the American venture firm famously known as A16z, led the Series C round. And the Series helped put Mythical Games at a $1.25 billion valuation.
Notably, A16z has been an aggressive investor in other such initiatives. Given that they generously put funds behind startups in the blockchain gaming industry.
First, they backed OpenSea, an NFT marketplace at a $1.5 billion valuation in July. Then in September, they participated in a raise for Dapper Labs, NBA’s top shot-maker, at a whopping $7.6 billion. And finally last month, they backed the team behind play-to-earn crypto game Axie Infinity with a $3 billion valuation.
Mythical Games: What You’re Not Being Told
As much as this news is exciting, it is essential to note that this has not been the first funds’ drive-by Mythical games, according to a company release.
In early June, the startup closed its series B funds drive at $75 million, placing the total amount of money raised by the startup up to now, to over $270 million. That puts $225 million of that as raised in 2021.
Other participants in this Series C round included D1 Capital, Binance, Redbird Capital, FTX and the Raine Group.
Furthermore, notable entertainment brands and personalities like, The Chainsmokers’ Mantis VC; 32 Equity, the investment arm of the National Football League (NFL); Ryan Tedder (OneRepublic); Michael Gordon (Fenway Sports Group; OneTeam Partners; and pro-sports team owners including Jonathan Kraft and The Kraft Group (New England Patriots and New England Revolution), among others also offered their support.
The funds raised are to help Mythical launch its Blankos Block Party open-world multiplayer game and its platform to integrate non fungible tokens (NFTs) into games.
Their NFT technology will uniquely identify game characters so players can truly own them.
NFTs use blockchain, the secure and transparent digital ledger, to authenticate unique digital items.
The company is pioneering this idea of “playable NFTs,” following the success of the NFT-based play-to-earn game Axie Infinity, which data shows earned $215 million in weekly trade volume at its peak in August.
The ‘Mythical’ Startup
Focused on bringing player-owned economies mainstream via a suite of tools, Mythical Games is a next-generation gaming technology studio headquartered in Los Angeles, CA.
With just two office locations across the United States, the company is diversely managing to create a universal economy while endorsing actual ownership of digital assets.
“Mythical Games played a formative role in the development of play-to-earn concepts, and has clearly established itself as a top player among gaming technology studios, attracting mainstream players with its distinctive design and quality gameplay,” said Arianna.
Simpson, general partner with Andreessen Horowitz, in a statement. “We’re thrilled to partner with them to bring NFT gaming to an even larger stage.”
Mythical Games is also a supporter of the construction of gaming experiences from the ground up.