Even as NFT sales drop below their most speculative highs, startups aiming to tap their potential are still getting major funding rounds from investors who believe there are many more crypto collectibles than the latest ones. months of hype.
Mythical Games, a Los Angeles-based NFT games startup, cashed in a $ 75 million raise from new and existing investors betting on the startup’s goal of expanding their first title’s ambitions and locating a Substantial platform opportunity while helping developers build blockchain based gaming experiences.
The tour was led by WestCap. Existing investors have been joined by 01 Advisors and Gary Vaynerchuk’s VaynerFund in the Series B funding. The startup has raised $ 120 million to date.
The company has built a title called Blankos Block Party which appears to be Fall Guys Meets Roblox Meets Funko Pop. PC gaming capitalizes on a number of major social gaming trends around user-created content, while adding a marketplace where users can purchase avatar figures and accessories designed by a variety of artists and designers. with which Mythical has partnered. Users can buy or sell the Limited Edition or Open Edition items through their Marketplace. Unlike other NFT platforms, products live on a private blockchain, so they cannot be resold on public market platforms like OpenSea.
Mythical Games is part of a growing movement to mainstream blockchain-based game mechanics while leaving behind elements of crypto platforms seen as less ready for prime time. Users can purchase avatars on the platform with cryptocurrency through BitPay but they can also pay with a credit card. Users also don’t need to go through the mechanics of setting up a wallet or writing a seed sentence.
While the company has high hopes for Blankos as it brings more users on board, probably the biggest investor opportunity is in the game engine the team is building. The startup’s “Mythical Business Engine” is designed to help budding game makers create NFT-based marketplaces that won’t be a problem for them to regulate, by combining compliance in all geographies and tools that help them. creators to comply with the laws and knowledge of the fight against money laundering. your client’s executives.
“With any new market like [NFTs], it goes through all these different cycles, ”Mythical Games CEO John Linden told TechCrunch. “We think this will really change the game in the long run. The more we talk to game studios, we find more and more potential use cases.