The NFT hype practice rolls on.
This week, Mythical Games, an NFT video games startup based mostly out of Los Angeles introduced it had managed to safe a $75 million spherical of funding from new and present buyers to help aspirations for its first title and open the door for extra blockchain-based gaming experiences.
The spherical was led by WestCap, a development fairness agency headed by former AirBnB govt Laurence Tosi, with present buyers joined by 01 Advisors and Gary Vaynerchuk’s VaynerFund within the Collection B spherical.
Hailed as the subsequent crypto craze, Non-Fungible Tokens are a part of the Ethereum cryptocurrency blockchain and had been designed to assist creatives and artists higher monetise their work. “Non-fungible” implying that it’s distinctive and might’t get replaced — in an try to present digital artwork the identical standing, and value tags, as bodily artwork.
Whereas coming off their preliminary highs, NFTs are nonetheless courting worth in plenty of circles. The pure development could be to convey the world of blockchain and NFTs to the booming $260 billion world video games market.
Not that it hasn’t been tried earlier than. During the last 5 years, blockchain video games have grow to be a style of their very own. Blockchain for gaming has lengthy been considered the proper utility, as the final consensus agrees blockchain solves lots of the legacy issues of the gaming business.
Nevertheless, discovering successful has been problematic.
Regardless of all its promise, blockchains of their present format don’t really assist resolve the challenges avid gamers are asking to be solved. Add to that the present state of blockchain gaming, which has been largely targeted on creating belongings for priceless transactions, versus making entertaining titles avid gamers will love.
The development has been magnified in recent times with cell gaming, the place recreation play is sidelined in favour of microtransactions and strict adherence to monetisation fashions designed to squeeze as a lot income from gamers as attainable.
Flappy Bird feels so way back.
Legendary is trying to alter that, and the large finish of city believes it will probably — placing cash the place it counts.