Blockchain Gaming Startup Receives $ 16 Million Series A Financing

The Gaming startup Mythical Games is making waves announcing that it has raised $ 16 million in Series A funds to work on its blockchain game concept. The goal is for the start-up to develop games for the PC, console and mobile phone markets and capitalize on the success of games like Fortnite who has taken control of the world of video games. With a considerable number of users logging in to play the multiplayer survival game, the market is ripe for new game technologies – or at least the hope of Mythical Games.

The advantage of the blockchain for games lies mainly in tracking the transactions of objects in the game. Currently, many online games have official or unofficial markets for rare items in which players exchange objects, buy items with game currency or even buy items with real money. The problem is that many games have rules prohibiting the exchange of items at stake for real money, even if the behavior is common, and that the money involved may have serious consequences in the real world.

Thanks to the use of the blockchain, it is possible to know exactly which objects have been made available to which players and how they have been exchanged or exchanged since. If you spend money on an item, you want to be sure that it was legally purchased and that you will not be suspended or removed from play. Thanks to its ability to provide proof of acquisition and proof of ownership, Blockchain could make the trade in items safer and less unlawful.

Buying and selling whole accounts is another problem, which poses a particular problem in Fortnite. Although this behavior is contrary to the rules of the game, people still engage in it. And according to the developers of Epic Games, the sale of accounts has led to more hacked accounts and various fraudulent charges against players. With the use of the blockchain, players can easily prove that an account belongs to them and that they have earned their items and their levels. Stolen accounts will be easier to locate and return to their rightful owners.

Mythical Games plans to publish soon the details of its upcoming blockchain games.