Mythical Games Creates Mythos Foundation to Decentralize Web3 Gaming

The gaming technology company is also expanding its ecosystem with the Mythos DAO and the $MYTH governance token.

AccessTimeIconOct 5, 2022 at 1:00 p.m. UTC
Updated Oct 5, 2022 at 4:15 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

Gaming technology company Mythical Games is taking further strides to decentralize Web3 gaming and welcome traditional users and platforms.

The company behind the popular multiplayer game Blankos Block Party announced on Wednesday that it's creating The Mythos Foundation to onboard and support new gamers and developers in its ecosystem. The new foundation includes a group of advisors from across the blockchain, gaming and entertainment industries, and includes Animoca Brands Chairman Yat Siu, Polygon Studios president Ryan Wyatt, 100 Thieves’ chief product officer Pete Hawley and others.

The Mythos Foundation will initially focus on five key areas of development, including cross-chain infrastructure, the evolution of non-fungible tokens (NFTs) and game economies, support for gaming guilds, growing traditional esports participation in Web3 and collaborating with traditional gaming platforms to craft new policies for gamers at large. It will also manage the operations of the Mythos DAO, a newly formed decentralized autonomous organization that will provide its players with a voice in its ecosystem development.

Mythical’s move to decentralize its platform aligns with the Web3 ethos it has put into its products. From creating NFT games to supporting developers through its backend platform, CEO and gaming veteran John Linden told CoinDesk that its mission to expand blockchain gaming is best accomplished through a DAO.

“We want to understand how we can use this technology to really improve our businesses…we started thinking heavily about [the foundation] and we thought it was very powerful, to really have this massive gaming alliance,” Linden told CoinDesk.

He added that the first proposal includes dividing the DAO into three subcommittees focused on game developers, esports and guilds, and Web3 and the metaverse. Within those subcommittees, groups such as game developer Ubisoft, esports group FaZe Clan, and venture capital firm Animoca brands will contribute to the governance of the DAO in those areas. Members of the subcommittees will need to be elected through the Mythos DAO by holders of its new governance token $MYTH, an ERC-20 token with a total supply of one billion.

“Groups can have different uses of the token as they see fit. But when we start building tech going into 2023, as the alliance is fully decentralized it uses that token as the primary utility token behind these new services,” said Linden.

Beyond an EVM-compatible governance token, Mythical Games has been seeking other ways to make its product operate on Ethereum. Last month, Linden said on CoinDesk TV that the company is building an Ethereum-compatible chain outside of its native Mythical Chain that operates on a fork of the EOS.IO chain.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.