- Mythical Games may raise $50 million to expand into the decentralized gaming space.
- The news comes as Mythical Games revealed the launch of Mythical Marketplace 2.0.
- The gaming technology studio also announced its acquisition of DMarket, a digital asset trading platform.
Web3 gaming giant Mythical Games may raise $50 million from investors as it seeks to expand into the decentralized gaming space. This news comes after the company announced a series of initiatives to bring Web3 to the average gamer.
On Wednesday, reports from The Block indicated that Mythical CEO John Linden had traveled to Dubai to seek investors. In particular, the studio is considering raising $50 million to expand its business.
The last time the company raised $150 million was in November 2021, with a value of $1.25 billion. Investors, including Andreessen Horowitz’s firm, joined the round.
At the same time, the blockchain-based game studio also announced the launch of a new market. Mythical Marketplace 2.0 will focus on making decentralized games more accessible to players.
Bringing Web3 to gamers
“Mythical’s Marketplace 2.0 is designed to not only improve our platform but more importantly improve the player experience and set the benchmark for the future of gaming,” said John Linden, Co-Founder and CEO of Mythical Games.
Providing players with a better experience will be the focus of the new Mythical Marketplace. Linden said the industry has yet to deliver on that promise.
“Often, developers describe features as ‘smooth’ and ‘integrated’ when discussing games or metaverse projects. In fact, these solutions are still very complex and not intended for gamers. But with these huge steps forward, Mythical will provide users with an experience that delivers They have both,” Linden added.
The company also revealed that it has 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 is evolving and how we can all contribute and bring more fun to the gaming community around the world,” said Vlad Panchenko, Co-Founder and CEO of DMarket.
on the flip side
- Web3 games are still in their infancy, and it’s unclear if Mythical can make them catch on at scale.
- Moreover, the crypto winter made capital even more scarce. Investors may want to renegotiate Mythical’s $1.25 billion valuation.
Why should you bother
Expansion plans amid the tech and crypto winter could be a good sign for the decentralized gaming industry. Moreover, gaming could be one area where cryptocurrency is gaining mass adoption.