Mythos Foundation Decentralizes Web3 Gaming by Mythical Games
New York City: By launching the Mythos DAO and the $MYTH governance token, the gaming technology firm is also broadening its ecosystem.
Mythical Games, a developer of game technology, is expanding its efforts to bring conventional consumers and platforms into the decentralized world of Web3 gaming.
On Wednesday, the creators of Blankos Block Party announced that they will be forming The Mythos Foundation in order to better welcome and assist new players and developers in the Blankos Block Party ecosystem. Advisors from the blockchain, gaming, and entertainment sectors, such as Animoca Brands Chairman Yat Siu, Polygon Studios president Ryan Wyatt, 100 Thieves chief product officer Pete Hawley, and others, have come together to form the new foundation.
The Mythos Foundation’s initial efforts will center on five primary domains: cross-chain infrastructure, the development of non-fungible tokens (NFTs) and game economies, guild support, the expansion of traditional esports participation in Web3, collaboration with traditional gaming platforms, and the creation of new policies for gamers at large. Mythos will also oversee the decentralized autonomous organization (DAO) that will give its users a say in the future of the ecosystem’s development: the Mythos DAO.
Mythical’s decision to migrate toward a decentralized platform is consistent with the Web3 philosophy that informs its offerings. CEO and gaming veteran John Linden told CoinDesk that a DAO is the best way to achieve the company’s aim to spread blockchain gaming, which includes making NFT games and assisting developers via a backend platform.
Linden told CoinDesk, “We want to understand how we can leverage this technology to truly strengthen our companies,” adding, “we began thinking extensively about [the foundation] and we believed it was extremely powerful, to really have this big gaming alliance.”
He continued, saying that the first suggestion calls for the DAO to be split into three groups: one for game designers, another for esports and guilds, and a third for Web3 and the metaverse. A variety of companies, including game maker Ubisoft, esports organization FaZe Clan, and venture capital company Animoca Brands, will have a voice in the DAO’s management thanks to the subcommittees set up to oversee each sector. Token holders of the Mythos DAO’s new governance token $MYTH will vote on who serves on the subcommittees. $MYTH is an ERC-20 token with a total quantity of one billion.
The token’s utility may be determined by the group using it. However, given the alliance is entirely decentralized, “that token will be the principal utility token supporting these new services when we begin development in 2023,” stated Linden.
In addition to developing a governance token that is compatible with the Ethereum Virtual Machine (EVM), Mythical Games has been exploring alternative options for bringing its product to the Ethereum network. Linden said last month on CoinDesk TV that in addition to its native Mythical Network, which runs on a fork of the EOS.IO chain, the business is developing a chain that is compatible with Ethereum.