Web3 gaming giant Mythical Games may raise $50 million from investors as it looks to expand into the decentralized gaming space. The news comes after the company announced a series of initiatives to bring Web3 to the average gamer.

On Wednesday, reports from The Block suggested that Mythical CEO John Linden traveled to Dubai to seek investors. In particular, the studio is considering raising $50 million to expand its business.

The company last raised $150 million in November 2021, at a valuation of $1.25 billion. Investors, including venture firm Andreessen Horowitz, joined the round.

At the same time, the blockchain-based game studio also announced the launch of a new marketplace. Mythical Marketplace 2.0 will focus on making decentralized games more accessible to players.

Bringing Web3 to gamers

“Mythical’s Marketplace 2.0 was designed to not only enhance our platform, but more importantly, enhance the player experience and set the standard for the future of gaming,” said John Linden, Co-Founder and CEO of Mythical Games.

Providing a better experience for players will be the focus of the new Mythical Marketplace. So far, the industry hasn’t lived up to that promise, Linden said.

“Too often, developers tout features as ‘seamless’ and ‘integrated’ when talking about games or metaverse projects. Actually, these solutions are still very complicated and are not made for gamers. But with these monumental steps forward, Mythical will provide users with an experience that delivers on both,” Linden added.

The firm also revealed that it has acquired DMarket, an advanced trading platform for digital assets. The Ukraine-based company will become part of Lisbon, Portugal-based Mythical East.

“We share a vision of how the industry will evolve and how we can all contribute and bring more fun to the gaming community around the world,” said Vlad Panchenko, Co-Founder and CEO of DMarket.

In the reverse

• Web3 games are still in their infancy and it’s unclear if Mythical can bring them to mass adoption.
• Furthermore, the crypto winter made capital scarce. Investors might want to renegotiate Mythical’s $1.25 billion valuation.

why should you care

Expansion plans in the midst of tech and crypto winter may bode well for the decentralized gaming industry. Furthermore, gaming could be one of the areas where cryptocurrencies gain mass adoption.

See original on DailyCoin