Mythical Games Raises $37M Despite Bear Market

Credit: Mythical Games

Mythical Games, the Web3 company behind Blankos Block Party and NFL Rivals, announced on Tuesday a $37 million Series C1 fundraise. The amount is part of a larger fundraise that will close later this year, reportedly netting the company an additional $20-30 million. Scytale Digital led the C1 round, which also saw participation from ARK Invest, Animoca Brands, and Proof.

According to a press release, Mythical Games plans to use the money to scale its Web3 games and infrastructure to reach a larger audience. Currently, Blankos Block Party has over 1 million player accounts, making it one of the most successful Web3 games. Mythical Games expects to have over 20 million player accounts across its portfolio by the end of 2023.

The primary driver of that growth will be NFL Rivals, a non-fungible token game that allows you to be the General Manager of a digital football team. That game, which made news for launching on the Apple App store and Google Play store months ago, now has over 1 million downloads, another success story in Web3.

The company’s mission is to appeal to mainstream gamers by providing a new economic model — one that can reward players financially through ownership of digital assets. To help bring that mission to fruition, Mythical Games has launched a digital assets marketplace that has brought in 2.5 million new users and does over $1 million in daily gross sales.

The goal of Mythical Games is to become profitable, which it believes it can do within a short period of time. It has said it may raise additional money to help it achieve that goal, which may occur later this year. In addition, the company is migrating its Mythical Chain to Polkadot to help its partners create an interconnected Web3 gaming network.

Mythical Games Builds During Bear Market

They say bear markets are for builders, and few companies embody that sentiment as much as Mythical Games. Throughout the crypto bear market, it has continued producing — transitioning to a Web3 company and launching the NFT Rivals game. Here are our top three stories about Mythical Games from the past nine months.

First, two months ago, NFT Rivals debuted in early access mode with 150,000 players. As the company announced at the time, the game had two modes: a free-to-play version and one where users could buy, sell, and collect non-fungible tokens in the form of football players.

Next, five months ago, Mythical Games partnered with the NFL to launch a series of NFT player packs ahead of the Super Bowl. The set included 22 NFTs from players on the Philadelphia Eagles and Kansas City Chiefs including both teams’ star quarterbacks: Jalen Hurts and Patrick Mahomes.

Lastly, nine months ago, Mythical Games announced that it was launching a decentralized autonomous organization and foundation to accelerate the company’s transition to Web3. Both organizations had a variety of goals, including setting Web3 gaming standards, e-guild support, and cross-chain functionality for NFTs.

As today’s news shows, Mythical Games is continuing to build, even in a difficult bear market. Rarity Sniper will keep an eye on the company and report back with any future developments.