Mythical Games Acquires $37 Million in Series C1 Financing
Mythical Games, a game publisher, has acquired $37 million in Series C1 financing, aiming to introduce a fresh marketplace and pursue other money-making projects. This investment will enable Mythical to sustain its unicorn status with an assessment of more than $1 billion.
John Linden, co-founder and CEO of Mythical Games, informed Cointelegraph that their main focus is to optimize their business so that they can become profitable by the end of the year, and the funds will mainly be used for this purpose.
Scytale Digital headed the round of funding, which was joined by ARK Invest, Animoca Brands, MoonPay, PROOF VC, and Stanford Athletics as well as previous investors Andresseen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital. Mythical anticipates raising an additional $20-$30 million in the near future when the full round is finished.
The publisher is set to launch its new game, Nitro National World Tour, in a few months, with pre-sales of nonfungible tokens (NFTs) having been available since February. Furthermore, the proceeds will be used to create an in-game marketplace for its other title, NFL Rivals, which has recently surpassed one million downloads.
Executives at GameFi have stated that casual gamers are an essential audience for blockchain-based games.
“Linden commented that Nitro Nation World Tour will be the third game in their portfolio, set to be released in the upcoming months. Additionally, they have multiple other games still in the process of being developed that have yet to be revealed.”
Mythical Chain Transition from Ethereum to Polkadot Environment
Mythical recently declared the transition of the Mythical Chain from the Ethereum blockchain to the Polkadot environment, citing that Ethereum’s sluggish transaction speeds and high transaction fees were the cause of the decision. “What this move truly boils down to is that Ethereum is no longer suitable or perfect, given the increasing demands of our platform. […] We needed a blockchain collaborator that is ready to grow with us,” elucidated the CEO of Mythical.
With $29 million in revenue generated over the last thirty days, Mythical is amongst the highest-selling blockchains in terms of Non-Fungible Token (NFT) sales. The new fund is an addition to the prior capital raises, which included $225 million raised in two rounds during 2021.
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