Binance Labs Participates in the Series C Funding of Mythical Games
Main Takeaway
Binance Labs participates in a $150 million Series C financing of Mythical Games
Binance Labs is making targeted investments into gaming projects that introduce non-crypto users into the crypto gaming ecosystem
This round of investment brought Mythicalâs valuation to $1.25 billion and reflected its dramatic growth and success in bringing play-to-earn concepts and playable NFTs to the mainstream in 2021
Binance Labs, the venture capital arm and innovation incubator of Binance, announced its investment in Mythical Games, a next-generation games technology company.
Binance Labs, the venture capital and innovation incubator of Binance, is pleased to announce its most recent investment in Mythical Games, an organization that has seen dramatic growth and success in 2021 by bringing play-to-earn concepts and playable NFTs to the mainstream.
Mythical represents a significant step forward in gaming technology, creating a universal gaming ecosystem by leveraging blockchain technology and playable NFTs that enable players, creators, artists, brands and game developers unparalleled freedom and ownership through custom play-to-earn game economies.
Games on the Mythical Platform unlock the value of a playerâs monetary and time-based efforts, or the rarity of their collection, by providing a way for them to sell their digital assets to other players for real money, in safe and secure transactions on the Mythical Marketplace.
âPlayers spend billions of dollars on digital assets each year, but the value of their collections have historically been locked away from them on enclosed systems. Utilizing NFTs in gaming creates a whole new set of game design principles built around scarcity vs. inflationary free-to-play economies,â said John Linden, co-founder and CEO of Mythical Games. âAs gamers and collectors ourselves, we believe players should have tangible assets that they earn and buy. The Mythical Platform leverages playable NFTs and blockchain technology to open the doors to the economy of any game and invite the community in; soon it will seem crazy we as players ever spent time or money on games without getting real value in return.â
Bill Chin, Head of Binance Labs Fund, said âWe believe Mythical may prove to be one of the most disruptive players in the crypto gaming and NFT ecosystem. Their team, led by experienced gaming industry executives, has impressed us with their vision and a unique capability to build a market-leading platform. We look forward to seeing their innovative play-to-earn concepts and playable NFTs shake up the gaming industry and forever change how gamers interact with their favorite properties.â
Ken Li, Investment Director of Binance Labs, said âBinance Labs has been looking to make targeted investments into projects that combine sophisticated AAA gaming engines with well-designed Play-to-Earn economies and NFT marketplaces. We believe that Mythical and its first game, Blankos Block Party, is one of the leaders at this intersection, creating a pathway for non-crypto gamers to step into the crypto gaming ecosystem seamlessly.â
The Series C funding was led by Andreessen Horowitz, includes participation from D1 Capital, RedBird Capital, The Raine Group, and others.
Binance Labs, the Venture Capital Arm and Incubator of Binance, into the Gaming
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space.
Read the following items for more of the gaming project portfolios that Binance Labs has participated in: