Mythic Protocol Raises Seed Funding Led by Alpha JWC and Shima Capital

Game developer Mythic Protocol raised seed funding of $6,5 million (around 99,8 billion Rupiah) led by Alpha JWC Ventures and Shima Capital. Other investors participating are GDP Venture, Saison Capital, Planetarium Labs, Arcane Group, Presto Labs, MARBLEX, EMURGO Ventures, HYPERITHM, and a number of angel investors.

Mythic Protocol was founded by a veteran in the video game industry, namely Arief Widhiyasa (Founder Agate) and Igor Tanzil (ex CMO & CCO Agate, Founder of Critical Forge). This Singapore-based company has 130 teams spread across the world, who are also veterans of creative and technology industries, such as Caravan Studio, Microsoft, Samsung, Intel, and Symantec.

Mythic Protocol CEO Arief Widhiyasa said the video industry game experience a technological cycle every 25 years. Starting with semiconductors which gave birth to the video game industry, then focusing on fun games, and continuing to the internet and gadgets. The second cycle focuses on accelerating the adoption of video games to the masses with a business model free to play.

"I believe the next cycle is coming soon. This cycle will be driven by distributed computing (blockchain) and AI, where collective participation to generate value in an ecosystem, i.e. collaborative entertainment, becomes a new problem that must be solved," said Arief in a release statement.

Meanwhile, Mythic Protocol COO Igor Tanzil revealed that his team found a unique opportunity to build a collaborative entertainment ecosystem that would start through game development to reach a larger user base. This collaborative ecosystem is expected to provide a unique experience for investors, creators and consumers.

Therefore Mythic Protocol will build a collaborative entertainment ecosystem involving blockchain technology, AI, video games and creative media. This ecosystem includes game development and launch action-shooter A collaborative RPG called RIFTSTORM, combined with a cross-platform (PC, console and gadget) roguelite progression system.

Mythic Protocol targets to launch its game products to the global market, especially the United States, in 2024. "Concept collaborative entertainment maximizing the potential and idealism that technology can offer. I have a vision to create a system where every user contribution has meaning, attribution is fair, and action drives evolution. It is a shame that much of blockchain technology's potential is wasted due to excessive financial speculation."

In addition, this funding will be used to increase offerings for game creators, namely in the form of a collection of data sources called Decentralized Universal Meta (on Blockchain) or DUMB. Lastly, it will develop the LEGACY digital asset class which can influence the growth and income of their assets.

"With a founding team that has published more than 250 game titles since 2009 and is one of the largest game developers in Southeast Asia, we believe they can achieve success in the game development cycle going forward." Close Founder and General Managing Partner of Shima Capital Yida Gao.