Nikolas Sargeant
There are two types of crypto traders: those who chase the pump and those who frontrun it. It’s easy to FOMO into green candles; it’s a lot harder to buy when the chart is stagnant and the hype is low. In hindsight, it makes sense to load your bags before the breakout. But achieving that calls for diligence, patience, and deep research.
In the case of GameFi asset MYTH, the due diligence and cursory research into its potential can be found right here. The patience, however, is dependent upon the individual. It’s up to each trader to set their positions and then wait for the catalysts to kick in that will validate their thesis. To those who study the charts and follow the fundamentals, MYTH looks poised to close out 2024 on a tear.
While there are no certainties in the cut-throat game of crypto, the case for being bullish on MYTH is a compelling one. Let’s look at the evidence.
What Is MYTH?
Mythos, or MYTH as it’s more commonly known, is the native token of the Mythical Games ecosystem, with the token’s development overseen by the Mythos Foundation. It’s a multi-purpose utility token for use on Mythical’s blockchain and marketplace among other things. As GameFi assets go, MYTH is a mid-cap, with a current valuation of $200M and an FDV of $300M. In comparison, Axie’s AXS token has a cap of $870M.
While this is a good starting point for investigating the current position of MYTH within the GameFi landscape, the real alpha comes from examining Mythical Games. The success of the company is naturally correlated with that of the MYTH token, and while MYTH has performed reasonably this year, Mythical Games has broken all records. The token, in other words, has some catching up to do. We’ll examine MYTH in more detail shortly, but first let’s take a moment to study Mythical Games.
Mythical Games Scores a Touchdown
Led by CEO John Linden, Mythical Games is a web3 studio and infra developer that’s presently best known for NFL Rivals. The football strategy game, which incorporates dream team building with arcade-style gameplay, is officially licensed by the NFL. The game has surpassed all expectations, racking up over five million downloads and onboarding mainstream football fans to GameFi.
While Mythical Games is more than just a one-trick pony, NFL Rivals has been a primary driver of its success to date. The trick when releasing a debut smash hit is then replicating that feat, but there are signs that Mythical Games has what it takes to repeat the magic. The forthcoming mobile game Blankos looks like appealing to a broader swath of web3 gamers, but it’s the development of the Pudgy Penguins game that’s gotten gamers really excited. Which brings us back to MYTH.
MYTH Rallies on Pudgy News
On May 30, it was revealed that Mythical Games had been appointed to develop the Pudgy Penguins game, drawing upon the IP of the NFT collection that’s elevated Pudgy into a globally renowned brand. No other NFT collection aside from Bored Apes has managed to escape the cryptosphere and permeate mainstream consciousness; there’s even a range of Pudgy soft toys that have made the shelves of Walmart and an Instagram account with millions of followers.
Not surprisingly, MYTH climbed almost 10% on the news of Mythical’s appointment to develop the Pudgy game. Mythical Games is believed to be working on a number of other major web3 games that have yet to be announced; when the news breaks, a similar rally can be expected. But the bull case for MYTH is predicated on more than merely short-lived rallies. Behind the scenes, there’s also a more sustainable driver of demand for the MYTH token – the growth of its developer framework which is getting up to speed.
How MYTH Powers the Mythical Platform
The Mythical Platform is a full-service framework for developers to create and launch their own games powered by play-to-earn economies that allow players to become stakeholders in the games they love. It provides developers with the tooling and infrastructure they need to launch web3 games, freeing them to focus on creating immersive, highly playable games.
At the core of it all is the MYTH token, which serves as the native currency for the Mythical Marketplace, where an array of items from multiple games will soon be available. Right now, the marketplace is being used to support the trading of players who feature in NFL Rivals, with all trades denominated in MYTH. Once more games launch using the Mythical Platform, the marketplace will become a thriving economy for swapping all kinds of items that can be earned through playing third-party games or purchased to level up characters.
The upshot of all this is that demand for the MYTH token will rise in line with the deployment of new games on Mythical Platform infrastructure. Which brings us back to the token. Currently pulling in around $5M in volume a day, the MYTH token will see greater demand once it’s listed on further tier-1 exchanges to supplement its current listing on HTX. This is expected to occur in H2 2024 as Mythical Games confirms more titles that are under development and releases Blankos.
Put all of this information together – the success of NFL Rivals, the expected exchange listings, the forthcoming Pudgy game, the Mythical Platform, the release of Blankos, and the token’s consistent trading volume through the year to date – and it’s clear that MYTH is on course to trend higher. When MYTH breakout? No one knows for sure, but all the evidence points towards soon. Real soon. Study the chart, study the Mythical Games ecosystem and position yourself accordingly.
