Fortnite, the free multiplayer survival game, has earned a staggering $ 1 billion from virtual shopping in the game alone.…
Fortnite, the free multiplayer survival game, has earned a staggering $ 1 billion from virtual shopping in the game alone. Now experts in the gaming industry are experimenting with how they can also benefit from new trends in gaming.
Mytical Games, a launch of sadness today with $ 16 million in A-funding, includes a future in games where user-generated content and intimate links between players, creators, brands and developers are the norm. Mytisk uses its venture capital infusion to develop a range of PC, mobile and console games on EOSIO blockchain, which will also be open to developers to build games with “player-owned economies”.
The company says an announcement regarding its first series of games is on its way.
Mythical is led by a group of game industry veterans. Its CEO is John Linden, a former studio director at Activision and president of the Niantic-acquired seismic games. The rest of his C suite includes Chief Compliance Officer Jamie Jackson, another former studio director at Activision; Chief Product Officer Stephan Cunningham, a former Product Manager Manager on Yahoo; and chief of blockchain Rudy Kock, a former senior producer at Blizzard – Activision subsidiary known for World of Warcraft. Together, the team has worked with games including Call of Duty, Guitar Hero, Marvel Strike Force and Skylanders.
Galaxy Digitals EOS VC Fund has led the mythical round. The $ 325 million fund launched earlier this year is focused on expanding the EOSIO ecosystem through strategic investment in boot-ups based on EOSIO blockchain software. Javelin Venture Partners, Divergence Digital Currency, Cryptocurrency Exchange OKCoin and others also participated in the round.
It’s no surprise investors get excited about the thriving gaming activity given the success of Epic Games, Twitch, Discord and others in space.
Epic Games raised $ 1.25 billion by the end of last month thanks to the cultural phenomenon that its game Fortnite has become. KKR, Iconiq Capital, Smash Ventures, Vulcan Capital, Kleiner Perkins, Lightspeed Venture Partners and others participated in the round. Discord, a casino chat application, raised $ 50 million funding in April at a $ 1.65 billion valuation from Benchmark Capital, Greylock Partners, IVP, Spark Capital and Tencent. And Dapper Labs, best known for blockchain-based games CryptoKitties, even raised a VC round this year – a $ 15 million fund led by Venrock, with participation from GV and Samsung NEXT.
In total, VCs have invested $ 1.8 billion in game launch this year, per PitchBook.