Los Angeles-based NFT games developer Mythical Games announced a $75 million Series B financing with new and existing investors. The company plans to use the funds to popularize ownership in games through playable non-fungible tokens (NFTs).
The funding round was led by Westcap Group. Other participants include 01 Advisors, Gary Vaynerchuk’s VaynerFund, Galaxy Digital, Javelin Venture Partners, Alumni Ventures and Struck Capital. The game developer studio has raised a total of $120 million to date.
Mythical Games is working on blockchain-based games, specifically games that use playable NFTs. The company is led by its CEO John Lyndon, who was the president of Seismic Games until the studio was acquired by gaming giant Niantic.
“Through its Mythical Economic Engine and Mythical Marketplace, the team is providing a platform for game developers to build their own player-owned economy,” the announcement reads.
Linden noted the meteoric rise of NFTs and blockchain in 2021, saying, “This new capital will allow us to move the industry into a new play-to-earn model where diverse stakeholders such as players, artists, content creators and brands Now sports are directly affecting economics.”
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The studio’s main project is Blanco’s Block Party, an open-world multiplayer game. The latest funding will enable the team to expand to other gaming platforms and develop new projects.
Blanco’s Block Party offers NFT characters that players can earn while playing. NFTs are verifiable unique representations of digital and physical objects that can be applied to multiple use cases.
Game developer studios recently began using them as characters for video games. Each NFT generally differs in design and price. Mythical’s newly launched marketplace allows players to buy or sell their characters. The game is still in beta stage.