Scytale Digital Invests $20 Million in Mythical Games
Investment Includes Polkadot and Mythical Games Joining Forces To Power The Next Generation Of Gaming. Investment Is Scytale Digital’s 15th Company Added to Horizon Fund II Portfolio
(April 26, 2023) - Scytale Digital today announced an investment of $20 Million USD in legendary gaming company, Mythical Games. Included in the deal, Mythical Games announced that they are leaving Ethereum and migrating the Mythical Chain to Polkadot, the decentralized and interoperable multichain network. As part of this groundbreaking move, Mythical Games will also launch its Mythos ecosystem - a decentralized autonomous organization (DAO) established to reduce barriers to entry for game developers - on Polkadot.
“In choosing Polkadot, Mythical Games now has a solid foundation of innovative and top performing tech to lean on and will be able to focus on what they are great at - games,” said Mark Cachia, Founder and CIO of Scytale Digital. “We are confident that Polkadot will deliver on its promise to be the most advanced and versatile blockchain platform which is why Scytale is proud to be a valued partner in this deal.”
Following the transition to Polkadot, the Mythical Chain will allow Mythos gaming partners to build their own chains without sacrificing interoperability or connectivity. This will result in a new Mythos “Superchain,” a scalable platform that will be accessible to all Mythos partners and compliant with Web2 gaming platforms, including the Epic Games Store, without sacrificing interoperability or connectivity. This accessibility is a core principle for Mythical as it continues to bridge the gap between blockchain and traditional gaming.
“The decision to leave the Ethereum ecosystem is a combination of issues surrounding relatively slow transaction speeds, even with L2 roll-ups, that would ultimately hinder Mythical’s scaling plans with our new games this year,” said John Linden, Founder and CEO of Mythical Games. “Further, it is critical to be building against a security and governance infrastructure that gets stronger over time with more participation and is fully interoperable with other Mythos gaming partners. After discussions with numerous blockchain protocols, it was an easy decision: Polkadot’s commitment to innovation, security, and governance provides the most value for our community. We believe this new technology will not only support our growth efforts, but also allow other Mythos partners to utilize this technology for their own high-scale projects.”
The Polkadot ecosystem will also benefit from Mythical’s advanced features, streaming services, and Web3 gaming expertise. Boasting over three million NFT transactions per month, 200,000 active wallets transferring over one million MYTH tokens a day in gaming transactions, and a rapidly growing portfolio of games, Mythical is a leading innovator in Web3 gaming and metaverse.
“We are thrilled Mythical Games was drawn to the unique strengths of Polkadot, which allows projects to create their own ecosystems within Polkadot, including their own governance and treasury,” said Björn Wagner, CEO of Parity Technologies, a leading contributor to the Polkadot network. “Together with Mythical, we look forward to onboarding additional AAA gaming companies and gamers to the Mythos ecosystem, bringing Polkadot one step closer to becoming the global leader in next-generation gaming. As we’ve gotten to know John and the Mythical team, it’s become apparent that we hold the same beliefs around decentralization and technical innovation, and I’m confident that together we will push Web3 capabilities years ahead of where we are today.”
This is the 15th investment for Scytale Digital’s Horizon II Fund. Mythical joins other investments in critical blockchain companies such as Astar Network, Aventus, Public Pressure and KILT Protocol.
Scytale is a digital asset manager with a focus on blockchain solutions. The company was an early adopter/investor in blockchain with Horizon Fund I in 2017. Horizon Fund II closed in early 2022. Scytale largely invests in projects building real world solutions across different Web3 ecosystems.To date, Scytale Horizon II has invested in 15 projects with a diversity of offerings, which include gaming, music, legaltech, security, as well as blockchain and metaverse infrastructure, among others.
For more information: https://scytale.digital
About Polkadot
Polkadot provides the technical advances necessary to make blockchain technology practical, accessible, scalable, interoperable, and future-proof, removing limitations and barriers to entry, and thereby fueling innovation, growing the decentralized technology space, and bringing the Web3 vision to life. It connects private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created.
About Mythical Games
Acknowledged by Fast Company’s World Changing Ideas 2021 and Forbes’ Disruptive Technology Companies To Watch in 2019, Mythical is a next-generation games technology company creating a web3 gaming ecosystem by leveraging blockchain technology and playable NFTs for tools that enable players, creators, artists, brands and game developers to become stakeholders and owners in new “play and own” game economies. Led by gaming industry veterans, the team specializes in building games around player-owned economies and has helped develop major franchises including Call of Duty, World of Warcraft, Guitar Hero, DJ Hero, Marvel Strike Force, and Skylanders.
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