Mythical Games May Raise $50 Million to Bring Web3 to Gamers

Web3 gaming giant Mythical Games may raise $50 million to make decentralized gaming accessible to all gamers.

Figure holding a balloon hovering in air while looking at coins.
  • Mythical Games may raise $50 million to expand in the decentralized gaming space.
  • The news comes as Mythical Games revealed the launch of Mythical Marketplace 2.0.
  • The gaming tech studio also announced its acquisition of DMarket, a trading platform for digital assets. 

Web3 gaming giant Mythical Games may raise $50 million from investors as it seeks to expand in the decentralized gaming space. The news comes after the company announced a series of initiatives to bring Web3 to the average gamer. 

On Wednesday, reports by The Block suggested that Mythical CEO John Linden traveled to Dubai to seek investors. In particular, the studio is considering raising $50 million to expand its business. 

The company last raised $150 million in November 2021, at a valuation of $1.25 billion. Investors, including the Andreessen Horowitz venture firm, joined the round. 

At the same time, the blockchain-based gaming studio also announced a launch of a new marketplace. Mythical Marketplace 2.0 will focus on making decentralized gaming more accessible for gamers. 

Bringing Web3 to Gamers 

“Mythical’s Marketplace 2.0 was designed to not only enhance our platform but, more importantly, improve the player experience and set the standard for the future of gaming,” said John Linden, co-founder and CEO of Mythical Games. 

Bringing a better experience to gamers will be the focus of the new Mythical Marketplace. So far, the industry has fallen short of fulfilling that promise, Linden said. 

“All too often, developers tout features as ‘seamless’ and ‘integrated’ when discussing gaming or metaverse projects. In reality, these solutions are still very complicated and not made for gamers. But with these monumental steps forward, Mythical will provide users with an experience that delivers on both,” Linden added. 

The firm also revealed that it acquired DMarket, an advanced trading platform for digital assets. The Ukraine-based company will become part of Mythical East, headquartered in Lisbon, Portugal. 

“We share a vision of how the industry will evolve and how we all can contribute and bring more fun to the gaming community worldwide,” said Vlad Panchenko, co-founder and CEO of DMarket. 

On the Flipside

  • Web3 gaming is still in its infancy, and it is unclear whether Mythical can bring it to mass adoption. 
  • Moreover, the crypto winter made capital scarcer. Investors might want to renegotiate Mythical’s $1.25 billion valuation. 

Why You Should Care

Expansion plans amid the tech and crypto winter may be a good sign for the decentralized gaming industry. Moreover, gaming could be one of the areas where crypto gains mass adoption. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.