Mythical Games is “a next-generation game technology studio.” Their focus is online games where players own the assets they develop or acquire in the game – true digital ownership powered by the blockchain, as opposed to managed digital ownership backed by centralized servers. It’s an important difference.
When a player acquires assets in a game like World of Warcraft, Ultima Online, or Runescape, they are at the whim of the company to stay in business and keep servers online. A decentralized game built on the blockchain can keep in operation, with assets retaining value, for as long as users desire them to. Not to mention how much easier it is to transfer assets when blockchain-connected accounts are involved.
The company has yet to release a game, but today announced that it had raised $16 million in funding from five different venture capital firms including Galaxy Digital’s EOS VC fund and OKCoin.
A press release reads in part:
“The funding will support the company’s first-to-market plans to develop and co-produce a slate of high-quality game titles (on mobile / PC / console) built around new player economies and user-generated content. The investment was led by Galaxy Digital’s EOS VC Fund, with significant participation from Javelin Venture Partners as well as DDC, Fenbushi, Noris, and OkCoin joining the round.”
Made up of former Blizzard, Activision, and Yahoo! executives and employees, the company will now presumably begin building out its first offerings. According to Galaxy Digital CEO and billionaire crypto bull Mike Novogratz, gaming is an item of keen interest to the VC firm:
“We believe that gaming – and specifically players’ interaction with in-game economies and virtual goods – will play a key role in how the masses first discover the true potential of the blockchain. Mythical’s experience building rich and immersive game worlds will be invaluable to this mission.”
Given that Galaxy Digital’s EOS fund is responsible in large part of the $16 million funding round, Mythical will be building products on EOS, a dApp-focused blockchain that aims to allow developers to run blockchain applications at scale.
Mythical’s offerings will not be the first blockchain games to enter the space, with Decentraland having dominated headlines in recent times with people being able to take loans on and for virtual properties.