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Mythical Games Eyes $50 Million Raise, Launches Enhanced NFT-Gaming Marketplace

While on one front Mythical CEO John Linden has traveled to Dubai to meet with potential investors — his company is considering raising an additional $50 million — on a separate front, the web3 firm is launching a digital-asset marketplace it hopes will streamline the process of onboarding new gamers.

Mythical Games was last valued at $1.25 billion after it raised $150 million from investors including Andreessen Horowitz. Deteriorating prices for digital assets and corruption, however, have been roiling the world of crypto, making gaming executives’ quest to add new users an increasingly steep hill to climb in recent months.

Although Mythical kept the acquisition under wraps, it began integrating DMarket’s technology months ago as it pursued an improved marketplace platform. Linden said the tech overhaul is already paying dividends with monthly transactions on the rise. After going live about six weeks ago, Mythical’s new marketplace has processed more than 2 million transactions, the company said.

Unlike the market for high-profile digital-asset collections like Bored Ape Yacht Club and Doodles — where a single NFT can sell for thousands if not millions of dollars — web3 gaming companies like Mythical are pursuing high volumes of lower-priced in-game transactions. One challenge is simplifying, for those new to crypto, the process of buying and selling digital assets, namely non-fungible tokens (NFTs).

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