EOS-based Mythical Games Platform Raises $16 Million in Series A Funding Round

  • EOS-based Mythical Games platform has raised $16 million in a Series A funding round.
  • The EOS platform has received $325 million from previous funding rounds led by Galaxy Digital and Block.one.

Mythical Games, the developer of “video game engines for player-owned economies”, has completed a venture capital-backed $16 million Series A funding round.

Building Games On Blockchains

The funds will reportedly be used to create games for mobile and desktop computer users. Notably, Mythical Games’ platform will be developed on the EOS.io blockchain network, and the company is planning to announce the first set of games it will be launching.

Mythical’s management team consists of several members who have been actively involved in the gaming industry. John Linden, a computer engineering graduate from the University of Kansas, is managing Mythical’s key operations as the firm’s CEO.

Linden has previously worked at Activision, a large 40-year-old California-based video game publisher. The other C-level executives at Mythical include its chief compliance officer, Jamie Jackson (who also previously worked at Activision).

1 Million Waves To Be Rewarded To Game Developers

Notably, billionaire investor Michael Novogratz’s Galaxy Digital has made substantial investments into the ongoing development of the EOS platform. Launched in January of 2018, the $325 million fund has drawn investments from members of Block.one (the company that developed EOS) and Novogratz’s “full-service” crypto merchant bank, Galaxy Digital.

As CryptoGlobe reported in October, Chainbreakers, a virtual reality game, is being developed on the Ethereum-based Decentraland platform. Chainbreakers is based on a fictional story - which focuses on the notable events that took place in Ancient Greece.

As covered, the blockchain and smart contract-enabled, Waves platform, has announced the launch of a 1 million Waves (appr. $2 million) reward pool for developers who will build games on its network.

Gaming And Gambling Apps Lead The Way

Sasha Ivanov, the founder and CEO of Waves, had said:

I believe that the gaming sector will be an enthusiastic adopter of blockchain, and will drive its widespread use. Given the mutual opportunity here, we are more than ready to reward developers for the effort they make in implementing their projects within [the] Waves ecosystem.

Waves Platform CEO

In addition to gaming, online betting platforms are increasingly being developed on blockchain-based platforms.

In early November, CryptoGlobe reported that TronDice, a TRON-based gaming DApp (decentralized application), had paid out almost $5 million in TRX tokens. The TronDice DApp allows users to select a number between 2 and 100, and the game’s smart contract uses a random number generator to produce a number between 1 and 100. Rewards in TRX are distributed to users according to their choices

Blockstream CSO Samson Mow's Firm to Launch Security Token for New Sci-Fi Game

Samson Mow, the CEO of Pixelmatic, a Shanghai-based video game development firm, and the Chief Strategy Officer (CSO) of Blockstream, a leading blockchain and cryptoasset company, is planning to launch a security token on the Bitcoin (BTC) blockchain through a sidechain, called the Liquid network.

According to CoinDesk, Pixelmatic will be issuing security tokens for its upcoming science fiction game, called Infinite Fleet. The central theme of Infinite Fleet will involve a humans versus aliens space fighting game.

Samson Mow: ICO Projects Never Intended to Launch Working Products

As mentioned in the sci-fi game’s Twitter profile, its players will be “taking command of a fleet and joining the epic war for humanity’s survival.”

Notably, Mow has criticized the approach taken by many blockchain projects which raised a large amount of funds by launching initial coin offerings (ICOs) that used Ethereum’s ERC-20 tokens. Commenting on the controversial fundraising method, Mow remarked:

My main criticism is there’s no substance. The leaders of many ICOs have no intention of actually creating something.

Dual-Token Model for Fulfilling Multiple Purposes

The former Chief Operating Officer (COO) at BTCC, a Chinese bitcoin exchange that closed down in September 2018, explained: 

That’s why we’re doing a security token, not a token with no obligation.

He added that Infinite Fleet’s cryptocurrency project will be based on a “dual-token model” which will issue two tokens in order to fulfill two different purposes (or use cases). Instead of selling unregistered financial products, Mow’s firm will reportedly be issuing tokenized securities which will adhere to regulations that are similar to those which apply to traditional (financial) securities.

The Blockstream CSO confirmed that Infinite Fleet’s security token sale will be conducted privately. According to Pixelmatic’s management, the game's developers are planning to raise $16 million by the end of this year. They also believe that crypto exchanges will increasingly be listing and enabling the trading of compliant security tokens towards the end of 2019.

Pixelmatic’s team will be issuing a utility token, called INF, which will reportedly be distributed randomly to Infinite Fleet’s players. Users will receive INF tokens based on their “proof-of-participation.” In other words, users will be rewarded based on how much time they spend playing the game and whether they take part in “major” in-game events.

Liquid Network Is “Well-Suited” for Financial Transactions

Explaining why his firm will be launching the new token on the Liquid sidechain network, Mow said:

I do believe in the technology.

He added that it’s “well-suited” for financial transactions because it does not overload the main blockchain with smart contracts.

Mow also mentioned that the Liquid network allows for a greater level of privacy than what’s currently available on the Bitcoin blockchain. This, as Liquid uses “confidential assets” which is an experimental privacy feature that hides the type of assets associated with crypto transactions.