Mythical Games launches Mythos Foundation to advance Web3 gaming

Blockchain gaming studio Mythical Games has launched the Mythos Foundation to bring decentralization to Web3 gaming with help from 22 partner companies, including Ubisoft, Krafton, Netmarble, Kakao Games, Com2uS, CM Games, FaZe Clan, Animoca Brands and Sandbox Gaming.

Notable names from the tech and entertainment industries, such as 100 Thieves’ chief product officer Pete Hawley, FaZe Clan’s chief corporate alliance officer Jaci Hays and Polygon Studios president Ryan Wyat will act as advisors to the newly created Mythos Foundation.

This initiative is a significant shift from Mythical Games’ previous work, which included developing play-to-earn games such as Blankos Block Party and NFL Rivals. According to Mythical Games CEO John Linden, the company believes that the Mythos Foundation will be a crucial part of Mythical Games’ expansion into Web3.

“We’ve been called very Web 2.5. And I’m like, ‘That’s cool. I feel like we’re moving to Web 2.7,” said Linden, as per Decrypt.

The primary goal of the Mythos Foundation will be to manage Mythical Games’ DAO, powered by a new Ethereum ERC-20 token called MYTH. Users who hold MYTH will be able to vote on decisions regarding ecosystem changes and submit proposals to allow the community to manage itself and foster a community-first mindset.

MYTH holders will also engage in discussions. Several topics slated for the discussions include cross-chain support, NFT standards, esports ecosystem development and social aspects such as guilds and policy changes. The goal of the first round of these discussions is to establish consistency across the platform and allow the users to decide the DAO’s overall principles.

MYTH is the main currency in Mythical Games’ NFT marketplace, but it will also be a multifunctional token. When asked for the reason behind its multifunctionality, Linden said that the one thing the company “didn’t care for in the industry” was “single-game public mainnet tokens,” which is why MYTH can be used to purchase NFTs from different games.

Mythical Games’ perspective on sustainable blockchain economies

Linden explained that it was important for blockchain companies to partner with larger, mainstream companies to create a thriving Web3 ecosystem. A truly sustainable economy requires a vast number of people, which will need the support of platforms such as mainstream app stores.

“The App stores—whether it’s mobile, or PC, or possibly eventually console—I think they’re pretty important if you’re going to get the game into a mainstream economy. And I think the only way Web3 really is valuable long-term is [as] a mainstream economy. You really need to have tens of millions of people in these ecosystems to truly have a fulfilling economy long-term,” said Linden.

Linden added that although most gamers do not care for blockchain technology right now, he was adamant that that would change in the future. While Web3 technology offers a lot of unique functionality that players enjoy, it also comes with high barriers to entry due to blockchain technology and cryptocurrency being obscure for most people. Mythical Games is looking to create a platform that all players, not just blockchain enthusiasts, can enjoy.

“It’s an evolution, not a revolution,” said Linden.