Published on: 26/01/2023
Web3 studio Mythical Games acquires DMarket to build new marketplace
Mythical Games, a Web3 gaming technology studio, has acquired the marketplace technology startup DMarket for an undisclosed sum to launch a new digital asset marketplace built on DMarket’s infrastructure.
DMarket’s technology, including its combined payment gateway featuring a potent anti-money laundering (AML) and anti-fraud protection system, will be integrated into Mythical’s Marketplace 2.0.
While the web version of DMarket.com will remain available for USD purchases, the Mythical Chain will now record all transactions for complete community transparency.
Mythical Market 2.0 will allow users to purchase virtual goods for use in games. Currently supporting NFL Rivals and Nitro Nation World Tour assets, it will also enable P2P commerce and expand to all Mythical titles in the Mythical Chain.
The studio explained that its new marketplace would be built on its layer 1 Ethereum Virtual Machine (EVM) blockchain. It will also be supported by $MYTH, the Mythical ecosystem’s native token.
In December last year, Mythical became the world’s second-largest processor of digital assets on a distributed ledger, trailing only the Ethereum mainnet. In addition to that, since its launch six weeks ago, Mythical’s Ethereum-compatible chain has handled more than two million transactions.
Founder and CEO John Linden predicted that the new marketplace would lead to a new digital ownership economy and bring more players to Web3. Linden said Mythical Games was founded in Los Angeles in 2018 to “usher in the next generation of gaming and gamers.”
He explained that the goal of developing Mythical’s Marketplace 2.0 was to advance its platform, elevate players’ gaming experience and establish a new “standard for the future” industry.
We founded Mythical Games in 2018 with the idea of ushering in both the next generation of gaming and the next generation of gamers.
John Linden, founder and CEO of Mythical Games
As he put it, “seamless” and “integrated” are words developers use far too liberally when discussing “gaming or metaverse projects.” In practice, he said, these methods remain highly complex and need to be designed with gamers in mind. He said that because of these improvements, Mythical users would have a game experience that fulfills both promises.
Darewise, GSC Game World, the Na’Vi esports team, Unity, Xsolla and others have been among DMarket’s partners and customers since the company’s inception in 2017. It has developed into one of the three biggest digital asset markets in the entire world.
DMarket completed a $6.5 million funding round and welcomed gaming industry veteran Trip Hawkins to its board of directors in June 2020.
DMarket CEO Vlad Panchenko and Linden first met at the D.I.C.E Summit in Las Vegas last year. They began discussing the obstacles facing Web3 games and quickly realized that Mythical’s expertise in games and DMarket’s in its marketplace complemented one another.
Linden said the discussions began organically, resulting in “amazing synergies.” He explained that as both firms have ten years of operational experience in digital transactions, their effective collaboration will increase market liquidity and activity.
They merged the companies back in August 2022. Since then, they have been “working heads down.”
After the acquisition is finalized, DMarket’s co-founders, Panchenko and Tamara Slanova, will join Mythical’s executive leadership team to continue developing the most advanced and user-friendly gaming marketplace platform possible.
Panchenko explained that DMarket has always been looking toward the horizons of the gaming industry. He added that the company was thrilled to join Mythical Games in its efforts to overcome obstacles to entry for “innovative game developers” and rapidly expanding new economies.
DMarket’s current marketplace, which will continue to operate independently of the Mythical Marketplace, has also adopted the Mythical Chain.
DMarket’s goal is to build the best trading platform for gamers, so the company’s website, DMarket.com, continues to sell gaming skins and other non-NFT digital goods.
The company’s headquarters in Lisbon, Portugal, will merge with the Mythical East branch in Kyiv, Ukraine.
Panchenko said that the Ukrainian conflict had caused tremendous suffering. He relocated the entire team to Montenegro due to the potential threats posed by the war. Some team members, however, voluntarily remained in Ukraine, with some joining the armed forces.