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Mythical Games has raised $ 75 million to launch its open-world multiplayer game Blankos Block Party as well as its platform for making games with non-fungible tokens (NFTs).
Based in Los Angeles Mythical games pioneered the idea of “playable NFTs,” using NFT technology to uniquely identify game characters so players can truly own them. NFTs use blockchain, the secure and transparent digital ledger, to authenticate unique digital items.
Blankos Block Party, which is in beta testing, has vinyl-style game characters that can be won (through gameplay), bought and sold by players. He started testing his Marketplace where players can buy and sell their characters, which can be personalized or decorated with various things earned in the game.
WestCap Group, a private equity firm led by former Airbnb executive Laurence Tosi, led the round. Other participants in the cycle are 01 Advisors and VaynerFund by Gary Vaynerchuk, as well as existing investors including Galaxy Digital, Javelin Venture Partners, Alumni Ventures and Struck Capital. This round brings the total amount raised to $ 120 million.
This amount tells you where we are. NFTs have exploded into other applications, such as art, sports collectibles, and music. Best shot in the NBA (a digital version of collectible basketball cards) is one example – built by Dapper Labs, NBA Top Shot has surpassed $ 500 million in sales, five months after its IPO. And an NFT digital collage by artist Beeple sold at Christie’s for $ 69.3 million. But more recently NFTs have seen their prices drop, with some saying the hype is running out.
While many NFT projects have been dismissed as overrated get-rich-quick schemes, Mythical Games CEO John Linden said in an interview with GamesBeat that the company is keen to drive mass adoption of ownership in games through playable NFTs. Before blockchain, gamers invested billions of dollars in digital items in other online games with no tangible way to benefit beyond the benefits of casual gaming; content gets stuck behind their account because their purchase is really just a rental or license agreement, with no possibility of transfer or sale, Mythical said. And while other secondary markets have existed in the form of gray and black markets, players who participate in them are exposed to dangerous trades, scams, and even the threat of losing their accounts for violating the terms of the market. ‘use, the company said.
But the technology is not really easy to create. Mythical Games has more than 100 employees and has been working on its technology and game for three years, Linden said. Adding NFT to a game means a business needs to create a digital wallet for players to securely maintain their digital property. It is based on a blockchain platform, and this platform often needs to be modified to reduce transaction costs, speed up transactions, and use less energy than traditional platforms like Bitcoin and Ethereum. All of this requires engineering work, and Mythical is always recruiting.
In addition to that, Mythical Games is in discussions with other game companies to license their platform to them so that those game companies can create their own games with playable NFT characters.
Mythical will use the funding to drive mass adoption of in-game ownership through playable NFTs with the growth of its first game, Blankos Block Party; extension to other gaming platforms; and new projects launched later this year and into 2022. Via its Mythical Economic Engine and Mythic Market, the company says it provides a platform for game developers to create their own player-owned savings, as well as new tools for content creators and brands to make it easier to own game assets.
Through Mythical Marketplace, players can unlock the value of monetary, scarcity, and time-based efforts by selling their NFTs to other players for real money, in safe and secure transactions with proof of purchase. ‘authenticity.
In the open beta of Blankos Block Party, Mythical enabled player-designed levels. Players currently hold over 100,000 NFT; As the game’s audience continues to grow, legacy assets and specialty releases will become rarer and likely more valuable in the secondary market, creating mass-market scarcity and providing new sources of income for players. players.
Tosi, managing partner at WestCap, said in a statement that Mythical has transformed the way creators distribute and monetize their art. He said that Mythical’s creative use of blockchain has enabled brands and studios to develop interactive content and engage with fans.
Mythical Games will make more announcements next week at a conference at the Electronic Entertainment Expo (E3). Viewers can tune in on Monday, June 14 at 11:10 a.m. PT, when Mythical also releases one of the first NFT Twitch Drops via the popular streaming service.
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