Whether blockchain gaming is the future for video games, is not a matter of ‘if’ but a matter of ‘when’. An investment of 16 million dollars is the next step for the blockchain games market. Newly founded Mythical Games got the million dollar investment from an investment round led by Galaxy Digital’s EOS VC fund, with others joining the round as well.
Games with a huge dependency on online gameplay and player rewards will move towards the blockchain to empower their players. True ownership of unique in-game items is the next big thing to hit the video games market. The power of this upcoming technology is being recognized by key-players in the gaming industry. Ubisoft and several other studios have established the Blockchain Game Alliance, for example.
Mythical Games has dubbed itself ‘a next-generation game technology studio’. They want to make online games where gamers own the assets they create or acquire in-game. This true digital ownership needs to be powered by blockchain technology.
Investors see a huge opportunity here. In 2017 the video games industry was worth 121.7 billion dollars. In 2018 they expect an increase of 13.3 percent across the entire spectrum. Getting a piece of that pie through blockchain-powered video games seems interesting.
Mythical Games is run by executives that have been working at Yahoo!, Activision and Blizzard Entertainment. Five investment firms pumped $16 million into the newly established company to build games on the EOS blockchain.
The company wants to build games, but also provide its proprietary Mythical platform to developers. That way it will be easier for developers to create player-owned economies on blockchain technology. If many games would be using the same tech, it will also open up opportunities for cross-game items.
Even though this million dollar investment is interesting, Mythical Games will not be the first to connect games with blockchain technology. This December the game Gods Unchained will launch its closed beta, followed by an open beta and full launch in 2019.
Decentraland has been making headlines for the past few months as well. This blockchain game company allows consumers to loan digital currencies for a virtual investment. Other game studios like Codeglue have already been working on games this year, and results are expected next year as well.
Also published on Medium.