Fortnite, the free multiplayer survival game, has earned an amazing $ 1 billion from virtual purchases in the game alone. Now, others in the game industry are experimenting with how they can also capitalize on new trends in play.
Mythical Games, a start-up out of stealth today with $ 16 million in A-funding, includes a future in games where user-generated content and intimate links between players, content creators, brands and developers are the norm. Mythic uses its risk capital infusion to develop a line of PC, mobile and console games on the EOSIO block chain, which will also be open to developers to build games with "player's own economies."
The company says an announcement about its original range of games is on its way.
Mythical is led by a group of game industry water bodies. Its CEO is John Linden, a former studio director at Activision and president of Niantic-bought Seismic Games. The rest of his C suite includes Chief Compliance Officer Jamie Jackson, another former studio head at Activision; Chief Product Officer Stephan Cunningham, former Yahoo Product Management Director; and head of blockchain Rudy Kock, a former senior producer at Blizzard – Activision subsidiary known for World of Warcraft. Together, the team has worked with games, including Call of Duty, Guitar Hero, Marvel Strike Force and Skylanders.
Galaxy Digitals EOS VC Fund has led the mythical round. The $ 325 million fund launched earlier this year is focused on expanding the EOSIO ecosystem through strategic start-up investments based on EOSIO blockchain software. Javelin Venture Partners, Divergence Digital Currency, Cryptocurrency Exchange OKCoin and others also participated in the round.
It's no surprise investors are being excited about the flourishing game business given the success of Epic Games, Twitch, Discord and others in the room.
Epic Games increased $ 1.25 billion late last year, thanks to the cultural phenomenon that the game Fortnite has become. KKR, Iconiq Capital, Smash Ventures, Vulcan Capital, Kleiner Perkins, Lightspeed Venture Partners and others participated in that round. Discord, a chat program for players, increased $ 50 million in April to $ 1.65 billion from Benchmark Capital, Greylock Partners, IVP, Spark Capital and Tencent. And Dapper Labs, best known for Blockchain-based game CryptoKitties, even raised a VC round this year – a $ 15 million funded by Venrock, with participation from GV and Samsung NEXT.
In total, VCs have invested $ 1.8 billion in game launch this year, per PitchBook.