Mythical Games
Maker of blockchain-based mobile games under FIFA and NFL licenses.
On the record
Checkpoint: FIFA's multi-publisher licensing rollout and status of a Series D close
The call
Mythical Games built its value on blockchain gaming and exclusive sports licenses, and both pillars are now under pressure at once.
Mythical Games creates video games tied to blockchain technology and lets players buy and sell in-game items as digital collectibles, using the idea that owning items could make gaming more exciting and rewarding. The company built its value on this blockchain bet, but the entire market for these games fell apart (from $17 billion down to $1.5 billion), its MYTH token lost 98% of its value, and it has not raised new money in three years despite saying it would. The company does have exclusive licenses to make FIFA and NFL games, which sounds valuable, but the sports leagues themselves are now letting many other game makers create similar games, so those licenses are becoming less special. Big game makers like EA, Activision, and Ubisoft already own huge player bases and did not bother building blockchain games because players did not want them. The one thing that could save the picture is whether Mythical can raise fresh money by the end of 2026; if it cannot, the company would likely be sold off or merged into a bigger studio rather than survive as independent.
Why
01
AI pressure: None apparent. Generative AI tools cut art and asset costs 30-40% but are not what threatens this company's survival. Could AI do the core job? Only partly.
02
Bigger players: FIFA (multi-publisher licensing strategy). FIFA's plan to license multiple publishers for 2026 could end Mythical's exclusive claim on its biggest asset, FIFA Rivals. Could a giant copy it? Yes, easily.
03
What protects it. Current exclusive FIFA and NFL licenses plus a live user base of millions on NFL Rivals and FIFA Rivals.
What would change this call
Whether FIFA's multi-publisher titles launch and gain traction after June 2026. Would show Mythical's FIFA Rivals losing its exclusive licensed advantage.
Whether Mythical closes a priced Series D round by end of 2026. Would show investor confidence versus a distressed or no-raise outcome.
Whether the MYTH/Mythos token stabilizes or falls further from current sub-cent levels. Would show whether the token economy underlying its games is still viable.
Whether Mythical closes a priced Series D round by end of 2026. Would show investor confidence versus a distressed or no-raise outcome.
Whether the MYTH/Mythos token stabilizes or falls further from current sub-cent levels. Would show whether the token economy underlying its games is still viable.
Key numbers
- MYTH token down about 98% from peak
- NFT market cap fell from $17B to $1.5B sector-wide
- NFL Rivals reached 7M+ players
Named risks
- MYTH token down ~98% from all-time high, undermining marketplace economics as of July 2026.
- No priced funding round since June 2023 despite CEO citing Series D contingent on profitability.
- FIFA's May 2026 multi-publisher strategy dilutes exclusivity underpinning FIFA Rivals.
- Co-development model failure shown by Pudgy Party shutdown after losing millions, June 2026.
- Ongoing litigation with ex-co-founder Rudy Koch and Fenix Games generating depositions as of June 2026.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Dapper Labs | losing to | Named largest VC-backed Web3 gaming startup, ahead of Mythical, per PitchBook, 2026-06-22 |
| Fenix Games | losing to | Founded 2022 by ex-Mythical co-founder Rudy Koch, raised $150M to build rival publishing platform |
| FIFA licensed rivals (EMBER, Delphi Interactive) | contesting | FIFA's May 28, 2026 Digital Football strategy invites competing FIFA-licensed titles |
| Pudgy Penguins | losing to | Licensor shut down co-developed Pudgy Party on 2026-06-12 after losses |
| EA, Activision-Blizzard, Ubisoft | contesting | Traditional AAA publishers avoided blockchain gaming but face no structural barrier to entry |
Questions people ask
- Is Mythical Games profitable in 2026?
- No confirmed profitability has been disclosed. Mythical's CEO said in 2023 a future Series D was contingent on reaching profitability, but no priced funding round has closed since June 2023, and the MYTH token is down about 98 percent as of July 24, 2026.
- Who owns Mythical Games?
- Mythical Games is privately held and VC-backed, not publicly traded. Investors across its funding history include Galaxy Digital, WestCap, a16z, Ark Invest, Animoca Brands, Scytale Digital, and MoonPay, with total raised exceeding $300M as of mid-2023.
- Who is Mythical Games' biggest competitor?
- Dapper Labs is described by PitchBook (June 22, 2026) as the largest VC-backed Web3 gaming startup, ahead of Mythical. Fenix Games, founded in 2022 by ex-Mythical co-founder Rudy Koch and backed by a reported $150M raise, was built explicitly to compete.
- Could AI replace Mythical Games?
- Generative AI can cut game asset and localization production costs by an estimated 30 to 40 percent industry-wide as of June 2026, but Mythical's core value sits in negotiated brand licenses like FIFA and NFL, which AI content tools cannot replicate or replace.
- Did Mythical Games' Pudgy Party game fail?
- Yes. Pudgy Party launched August 29, 2025, hit #1 on the App Store and topped 1 million downloads, but Pudgy Penguins shut it down on June 12, 2026 after it reportedly lost millions of dollars, ending with only 200 to 300 active players.
- What happened to Mythical Games' MYTH token?
- The MYTH/Mythos token has fallen approximately 98 percent from its all-time high, trading at sub-fractions of a cent as of July 24, 2026, per Coinbase data, reflecting collapsed confidence in Mythical's on-chain marketplace economy.
Timeline
- 2026-06-12Pudgy Party shut down after reportedly losing millions of dollars
- 2026-05-28FIFA announces multi-publisher Digital Football strategy, opening door to rival titles
- 2025-08-29Pudgy Party launches, hits #1 on App Store, tops 1M downloads
- 2025-06-12FIFA Rivals launches globally under official FIFA license
- 2023-06-27Series C1 $37M closes as disclosed down round, valuation cut to ~$965M pre-money
- 2023-01-25Mythical merges with NFT marketplace DMarket
- 2021-11Series C raises $150M led by a16z, valuing company at $1.25B
- 2021Series B raises $75M led by WestCap
- 2018-11-16Series A raises $16M to expand studio and gaming properties
- 2018Mythical Games founded by former Activision Blizzard executives
Revision history
29 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Former Activision Blizzard devs launch Mythical Games
- Mythical Games Raises $16M (2018-11-16)
- Mythical Games 2026 Company Profile (2025-12-21)
- Mythical Games Raises $37 Million (2023-06-27)
- How startup Mythical became a cautionary tale (2026-06-22)
- Mythical Games Secures $37 Million Series C1 Funding (2023-06-27)
- Management and Employees List
- 'FIFA Rivals' Launches (2025-06-12)
- Why Pudgy Penguins Shut Down Pudgy Party (2026-07-21)
- Pudgy Penguins NFT Game 'Pudgy Party' Shuts Down (2026-06-15)
- Mythical Games (2026-01-14)
- Mythos Price, MYTH Price (2026-07-24)