The NFT hype practice rolls on.
This week, Mythical Games, an NFT video games startup primarily based out of Los Angeles introduced it had managed to safe a $75 million spherical of funding from new and current traders to assist 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 current traders joined by 01 Advisors and Gary Vaynerchuk’s VaynerFund within the Collection B spherical.
Hailed as the following 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 offer digital artwork the identical standing, and worth tags, as bodily artwork.
Whereas coming off their preliminary highs, NFTs are nonetheless courting worth in a lot of circles. The pure development could be to carry the world of blockchain and NFTs to the booming $260 billion international video games market.
Not that it hasn’t been tried earlier than. During the last 5 years, blockchain video games have turn into a style of their very own. Blockchain for gaming has lengthy been considered the proper utility, as the final consensus agrees blockchain solves most of the legacy issues of the gaming business.
Nevertheless, discovering a success has been problematic.
Regardless of all its promise, blockchains of their present format don’t truly assist clear up the challenges players are asking to be solved. Add to that the present state of blockchain gaming, which has been largely centered on creating belongings for helpful transactions, versus making entertaining titles players will love.
The development has been magnified in recent times with cellular gaming, the place sport play is sidelined in favour of microtransactions and strict adherence to monetisation fashions designed to squeeze as a lot income from gamers as potential.
Flappy Bird feels so way back.
Legendary is trying to alter that, and the large finish of city believes it could — placing cash the place it counts.