Mythic Protocol raises $6.5m to build the world first collaborative entertainment
Singapore-based Mythic Protocol, an entertainment company developing games, media and platforms, announced it has officially closed an oversubscribed $6.5 million seed round co-led by Shima Capital, prominent Web 3 Fund led by Yida Gao. Joined by Alpha JWC, a SEA powerhouse VC, in a bid to create a world-first ecosystem of entertainment products that leverages the ideal use case of blockchain technologies, gaming, and creative media: collaboration. Additional contributors to the round include Saison Capital, GDV Venture, Planetarium Labs, Arcane Group, Presto Labs, MARBLEX, EMURGO Ventures, HYPERITHM, and several prominent Angels.
Yida Gao, Founder and Managing General Partner, Shima Capital: "Shima Capital is thrilled to co-lead Mythic Protocol's seed round. With a founding team that has launched over 250 game titles since 2009 from one of the biggest gaming studios in SEA, we have no doubt that they will carry their track record of success into the next cycle of gaming.''
Initiated by gaming veterans Arief Widhiyasa (Agate founder, Forbes Asia 30 under 30) and Igor Tanzil (ex-Agate CMO & CCO, Critical Forge founder) the Mythic Protocol team is rounded out by 130+ team members around the globe, including industry veterans from Caravan Studio, Microsoft, Samsung, Intel and Symantec. The team identified a unique opportunity to build their Collaborative Entertainment ecosystem that utilizes a game-first strategy to acquire, retain, and scale users. Collaboration is the fundamental principle of the project, combined with creativity (where ideas matter) and consequence (where actions matter), delivering a unique experience for investors, creators, and consumers alike.
The funds will be deployed towards the development and launch of the initial core offerings:
- Gamer Offering: A collaborative action-shooter RPG meets roguelite progression, with cross-play multiplatform (PC, Console & Mobile), named RIFTSTORM.
- Creator Offering: A collaborative source of truth as creator's building blocks, cheekily labeled as Decentralized Universal Meta (on Blockchain) - DUMB.
- Investor Offering: A collaborative set of digital asset classes that evolves based on consequence, thus affects the asset growth & yield - LEGACY.
Arief Widhiyasa, CEO, Mythic Protocol: "Almost like clockwork – every 25 years – the game industry experiences a new technological cycle. Beginning with semiconductors giving birth to the game industry, that first cycle focused on solving the base issue of 'fun'. Driven by the internet and mobile computing, the second cycle was a rush to bring games and gaming to the masses – giving way to the free-to-play and freemium business models. I believe that the next cycle is coming. This cycle will be driven by distributed computing (blockchain) and artificial intelligence (AI); where the next problem to solve is: economy - collective participation in value generation within the ecosystem."