Mythical Games raises $150 million to support the integration of non-fungible tokens (NFTs) into video games.
Mythical Games raises funds: the new unicorn of play-to-earn
On November 4, 2021, Mythical Games announced in a press release that it had raised $150 million in Series C funding led by venture capital firm Andreessen Horowitz (a16z). This round of funding brings the company’s total valuation to $1.25 billion. It comes nearly four months after the company closed a $75 million Series B round. The company has raised a total of $270 million, with $225 million of that in 2021.
Mythical Games has supported the development of famous games like Call of Duty, World of Warcraft, Guitar Hero, DJ Hero, Marvel Strike Force and Skylanders. Its Mythical platform gives gamers access to an ecosystem where they can create new games that incorporate play-to-earn.
Gaming and NFTs: capital to support the meeting of two worlds
This fresh capital will be used to fund the integration of NFTs into games. Arianna Simpson, general partner at Andreessen, said her firm was excited to partner with Mythical “to take NFT gaming to an even higher level.”
The round of financing included participation from venture capital firms and entertainment industry figures such as OneRepublic’s American singer-songwriter Ryan Tedder. The latter displayed his support for Mythical, recalling his “faith” in NFTs and video games:
“As an early believer and investor in blockchain technology and NFTs, and a long-time believer in the subject of video games, I’m happy to help support a company that understands not only where the world is at with games and technology, but where it’s headed.”
This new infusion of capital is yet another win for the ever-growing ecosystem of NFTs games. The wind is blowing in favor of NFT gaming, even if some major video game players like Steam are rejecting this (r)evolution for now.