Non-fungible token (NFT) games startup Mythical Games completed a Series B round of funding led by growth equity firm WestCap. Other participants included Gary Vaynerchuk’s VaynerFund and Galaxy Digital, amongst others. The funding totaled $75 million, bringing the aggregate amount of money raised by the gaming company to $120 million.
In traditional video games, players pay real money for in-game items that don’t have a use outside of the game, and that can’t be easily transferred or sold to other players. Billions of dollars have been spent on in-game assets (more than $50 billion/year) across the video game industry that are useless if players lose interest in the game or don’t need the digital item to play anymore.
Mythical Games is addressing this issue by turning the digital items into NFTs in their games. This way, the items can be sold to other players, with prices adjusted for the scarcity of the item.
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