Andreessen Horowitz (a16z), a venture capital firm, was the primary investor in a recent investment round for the nonfungible token game platform, Mythical Games.
According to the statement made on Thursday, Mythical Games raised $150 million in a Series C investment, valuing the company at $1.25 billion.
In 2021, Mythical Games will have raised more than $225 million with the new finances. The NFT game platform has generated a total of $270 million in revenue.
The $150 million was raised after Mythical Games secured $75 million in a Series B fundraising round in June.
NFTs, the future of gaming
Mythical announced after the Series B round that it would utilize the funds to establish an NFT platform for external game makers.
NFTs, according to the company, are the gaming industry’s future. Mythical NFTs and blockchains have also become “a major talking point” this year, Chief Executive Officer John Linden said.
Binance, D1 Capita, and RedBird Capital, in addition to a16z, contributed to the funding round. FTX and The Raine Group are among the other participants. Galaxy Interactive, a venture capital firm, is one of the returning investors.
Big future for NFTs
“Every year, players spend billions of dollars on digital goods, but the value of their collection is hidden from them. Incorporating NFTs into gaming creates a whole new set of game design principles based on scarcity versus inflationary free-to-play economics,” Linden said.
The Chainsmokers and One Republic frontman Ryan Tedder were among those who participated in the first round.
Early access for Mythical Games’ Blankos Block Party began earlier this year. The game is a multiplayer open-world game with a focus on customization and design.
Blankos also focuses on creation and discovery, as well as curating Blankos collections, which are NFTs. On the Mythical Marketplace, players can make real money by selling these NFTs to one another.
Image courtesy of Cointelegraph News/YouTube
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