What’s the story behind MYTH, the Mythical Games token? In a year when altcoins, GameFi tokens included, have struggled to keep pace with blue chips, MYTH has kept on trucking. It’s up 47% in a year and is quietly posting the sort of numbers that suggest accumulation is underway. Is this due to the tokenomics underpinning MYTH, a general GameFi resurgence, or the rise of Mythical Games and its smash hit release NFL Rivals? Let’s take a closer look.

Unpacking the Metrics behind MYTH

Every GameFi project has its corresponding utility token and Mythical Games is no different. MYTH is its name and it plays a number of roles within the expanding Mythical ecosystem. Governance is the primary use case, but it’s safe to say that traders aren’t accumulating MYTH so that they can vote on forthcoming protocol upgrades. So what’s the deal?

Before we delve into the backstory behind Mythical Games and its native token, it’s important to gain some perspective: MYTH remains a mid cap coin within the field of gaming utility tokens. With an FDV of $340M and a current market cap of $230M, it’s large and liquid enough to be taken seriously, but still has room to grow. To understand its current performance, though, and why it’s been quietly creeping up, it’s necessary to gauge its progress over the past 12 months.

As noted earlier, altcoins, including GameFi utility tokens, have been suffering this year, with the majority struggling to regain their former highs. MYTH, in comparison, is up 46% in the past year and is posting steady daily volume of around $4M. As for why MYTH has outperformed against comparable assets, it’s worth noting that a lot of those gains have occurred in the last week: the token is up 20% in seven days as volume has soared. What’s going on?

Mythical Games Keeps Making Gains

In its simplest form, the people like MYTH because the people like Mythical. Specifically, they’re bullish on what the company has released to date and on where it’s headed next under the leadership of CEO John Linden. It helps that the first game to be released under the Mythical imprint was a runaway success.

NFL Rivals hasn’t directly caused surging demand for MYTH. But what NFL Rivals has done is establish Mythical Games as a GameFi developer that’s to be taken seriously and caused anticipation for its forthcoming games, starting with Blankos, to rise exponentially. If Mythical Games can replicate the success of NFL Rivals with its sophomore release it can lay claim to being the most successful company operating in web3 gaming right now. 

For onchain researchers willing to join the dots, there are other strands that suggest a bright future for Mythical Games and its eponymous token. There’s the forthcoming Pudgy Penguins game it’s been appointed to develop for one thing. And then there’s the Mythical Marketplace, where MYTH is the native currency.

While NFL Rivals commands the bulk of all marketplace activity for now, Mythical Games has also launched its own platform for third party developers to deploy games. And once these releases start coming onstream, guess where the in-game items will be traded? That’s right, Mythical Marketplace. It’s a classic flywheel effect in which the greater the momentum the Mythical ecosystem gathers, the more value will accrue to the MYTH token.

MYTH in the Making

As for where Mythical Games and its native token are headed next, the coming months promise to be action-packed. The studio has been nominated for Most Impactful Web3 Company, while NFL Rivals continues to notch awards and is now ranked in the top 10 web3 games of all-times according to various polls.

It should be noted that credit for Mythical’s rise must also go to its CEO John Linden, whose steady stewardship has guided the company to new heights. His enthusiasm for web3 gaming and commitment to mainstreaming GameFi through better onboarding augur well for the future. Why has MYTH been climbing steadily? For a myriad of reasons, whose confluence has transformed Mythical Games’ token into one of the best performing assets in GameFi this year.