Fortnite, the free multiplayer survival game, has earned a staggering $ 1 billion in virtual game purchases alone. Now, others in the gaming industry are experimenting with how they can benefit from new trends in gaming.
Mythical Games, a startup funded today with $ 16 million in Series A, is conquering a gaming future in which user-generated content and close relationships between gamers, authors, brands and developers are the norm. Mythically, the infusion of venture capital is used to develop a series of PC, mobile and console games for the EOSIO blockchain, which are also open to developers to build games with "player-owned economies".
The company announces an announcement regarding its initial lineup of games is on the way.
Mythical is led by a group of game industry veterans. Its CEO is John Linden, a former studio manager at Activision and president of Seismic Games, acquired by Niantic. The remainder of the C-Suite includes Chief Compliance Officer Jamie Jackson, another former studio officer with Activision; Chief Product Officer Stephan Cunningham, former director of product management at Yahoo; and head of blockchain Rudy Kock, a former executive producer at Blizzard – the Activision affiliate known for World of Warcraft. Together, the team has worked on games such as Call of Duty, Guitar Hero, Marvel Strike Force and Skylanders.
Galaxy Digital's EOS VC Fund has made the rounds for Mythical. Launched at the beginning of the year, the $ 325 million fund is focused on building the EOSIO ecosystem through strategic investments in startups built on EOSIO blockchain software. Javelin Venture Partners, Divergence Digital Currency, Cryptocurrency Exchange Rate OKCoin and others also participated in the round.
It is no surprise that investors are excited about the booming game business, given the success of Epic Games, Twitch, Discord, and others.
Epic Games made a round of $ 1.25 billion at the end of last month, thanks to the cultural phenomenon that has transformed its game Fortnite. KKR, Iconiq Capital, Smash Ventures, Vulcan Capital, Kleiner Perkins, Lightspeed Venture Partners and others participated in this round. Discord, a chat application for gamers, raised $ 50 million in funding in April with a benchmark of $ 1.65 billion from Benchmark Capital, Greylock Partners, IVP, Spark Capital and Tencent. And Dapper Labs, known for the block-based game CryptoKitties, even launched a round of VC this year – a $ 15 million funding from Venrock involving GV and Samsung NEXT.
In total, VCs have invested $ 1.8 billion in game launches this year via PitchBook.