The US gamedev studio Mythical Games acquires Ukrainian DMarket, valued at $70-$100M
On January 25, the US gaming company Mythical Games announced the purchase of Ukrainian DMarket. AIN.Capital became aware of the deal from its own sources, and later the information was officially confirmed. According to AIN.Capital publisher Ilya Boshnyakov, DMarket was valued at $70-$100 million.
- Founded in 2018, Web3 studio Mythical Games also announced the launch of Mythical Marketplace 2.0 as a result of this deal. The amount is not disclosed, but DMarket co-founder Vlad Panchenko told AIN.Capital that the company is “satisfied with the terms”:
“At the moment, we don’t disclose the amount of the deal, but I can say that we are satisfied with the terms we have received. I would like to add that our last round in 2020 was at a company valuation of $28 million. In 2022, the valuation was in line with what investors typically expect for the next round of a company with positive dynamics.”
- As reported by Mythical, the new marketplace is built on the new Layer 1 EVM blockchain and operates with MYTH company’s own tokens. As a result of the deal with DMarket, the company will have the second-largest processing of digital assets on the blockchain (after Ethereum Mainnet).
- Marketplace 2.0 enables p2p transactions and opportunities for gamers to participate in the game economy. Mythical Chain has been operating for six weeks, having processed 2 million transactions during this time.
- DMarket’s Kyiv office will become part of the Mythical East division, and the co-founders of the Ukrainian company, Vlad Panchenko, and Tamara Slanova, will join Mythical’s management and work on gaming marketplace technologies.
- DMarket has also integrated Mythical Chain into its existing marketplace, which will continue beyond the Mythical Marketplace. Sales will still take place in USD, but all transactions will be recorded on the Mythical Chain blockchain.
- DMarket was founded in 2017 by Oleksandr Kokhanovsky, Tamara Slanova, and Vlad Panchenko as a blockchain marketplace for gamers (Kokhanovsky later left the project, although he remained an advisor to the company). Since then, the company has gone through ICO, relaunched, experienced difficult times, and raised investments (in one of the last rounds of 2020, the founder of Electronic Arts joined DMarket’s board of directors).