Non-fungible token (NFT) games startup, Mythical Games today announced it has raised $150 million in a Series C funding round, totaling its valuation to $1.25 billion.
As per the announcement, the latest funding round was led by venture capital firm Andreessen Horowitz (a16z).
The funding round saw participation from existing investors and notable institutional investors.
Existing investors include Galaxy Interactive, WestCap, 01 Advisors, Javelin Partners, Struck Capital, Alumni Ventures, and Signum Growth.
Other notable investors that contributed to the latest funding include crypto exchanges Binance and FTX, 32 Equity, Fenway Sports Group, Michael Jordan, and others.
Following the announcement, the NFT games startup noted that the fresh capital will be used to finance future games, build NFT-based economies into its game and bring new game developers to its platform.
“Utilizing NFTs in gaming creates a whole new set of game design principles built around scarcity vs. inflationary free-to-play economies,” John Linden, co-founder, and CEO of Mythical Games said.
Founded 3 years ago, Mythical Games is a Los Angeles-based video game technology firm that develops games for playable NFT to identify game characters that players can own and offers players a secondary market.
“Mythical Games played a formative role in the development of play-to-earn concepts, and has clearly established itself as a top player among gaming technology studios, attracting mainstream players with its distinctive design and quality gameplay,” Arianna Simpson, General Partner with Andreessen Horowitz said.
NFT adoption keeps growing rapidly especially in the sporting and gaming industry, so many investors continue showing interest in the emerging NFT space, its trading volume saw an increase of over $10.67 billion in the third quarter of 2021, that’s a significant 704% increase from the third quarter of 2020.
Last month, Coinfomania reported that Hong Kong-based NFT game developer, Animoca Brands secured a $65 million raise from top industry investors to increase its product offering and also acquire licenses for popular intellectual properties.
This news comes as Mythical Games, four months ago, raised $75 million in Series B funding to develop its NFT game platform.