Just four months after raising $75 million, playable NFT game platform announced that it has raised $150 million Series C at a $1.25 billion valuation.
The new funding round has brought the total raised by Mythical Games to $270 million to date. The $150 million Series C funding round was led by Andreessen Horowitz. D1 Capital, RedBird Capital, Raine Group, Binance and FTX also participated in the round.
Existing investors including Galaxy Interactive, WestCap, 01 Advisors, Javelin Partners, Struck Capital, Alumni Ventures and Signum Growth Investments invested further in the Series C as well.
The company plans to use the new funding to develop its games, grow its team and accelerate its operational activities.
Founded in Los Angeles in 2018 by Cameron Thacker, Chris Downs, Jamie Jackson, John Linden and Rudy Koch, Mythical Games provides a platform for developers and publishers to build or integrate blockchain-based play-to-earn economies into their games, increasing engagement and unlocking new business and game models by making blockchain accessible and allowing players to become stakeholders in their favorite games.
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“Players spend billions of dollars on digital assets each year, but the value of their collections has been locked away from them. Utilizing NFTs in gaming creates a whole new set of game design principles built around scarcity vs. inflationary free-to-play economies,” said John Linden, co-founder and CEO of Mythical Games, in a statement. “As gamers and collectors ourselves, we believe players should have tangible assets that they earn and buy. The Mythical Platform leverages playable NFTs and blockchain technology to open the doors to the economy of any game and invite the community in; soon it will seem crazy we as players ever spent time or money on games without getting real value in return.”
“Mythical Games played a formative role in the development of play-to-earn concepts, and has clearly established itself as a top player among gaming technology studios, attracting mainstream players with its distinctive design and quality gameplay,” said a16z general partner Arianna Simpson in the release.