HomeResearchGameFi$MYTH Investment Analysis

$MYTH Investment Analysis

1. Investment Recommendation

It may be worth considering the $Myth token for the following reasons:

  • Sport and party games are in the top 10 mobile game spending in 2023, the racing game was the 7th downloaded game genre on mobile according to Data.ai. The NFL Rivals game model is sustainable like the FIFA of EA sport.
  • The strategy to buy a license for the IP is an effective strategy that can generate more users and add value for NFTs.
  • The games on Mythos already have users and are successful (NFL Rivals has 3 million users and the top 1 download on iPhone in 2023, Nitro Nation has 86 million users).
  • The current token price is a good entry point that can create a 5x ROI.

2. Introduction

Rivals
Car option
Character option

Mythical Game supported the Mythos Foundation by using $Myth tokens as native tokens for Games and the marketplace of Mythical Games as well as helping recruit the first set of Mythos governance partners and advisors.

Mythos Foundation aims to spearhead funding, development, and distribution of gaming, token, and blockchain technologies to reduce barriers to entry for innovative game developers.

Project Information

  • Project Name: Mythical Game
  • Ticker: $MYTH
  • Blockchain: Layer 1 on Polkadot
  • Token Standard: ERC-20
  • Token Contract: https://etherscan.io/token/0xba41ddf06b7ffd89d1267b5a93bfef2424eb200312cf8
  • Max Supply: 1,000,000,000
Token Distribution

Use case:

MYTH is the governance token that is used to vote on all proposals through the Mythos DAO and underpins all products from Mythical Games.

MYTH can be staked to be validators.

3. Games

NFL Rivals: A mobile American football game licensed by the National Football League with the game model like FIFA. The game has over 3 million users with top 1 downloads on iPhone in 2023 and top 100 downloads on iPhone and Android devices and top 84 on iPad.

Daily Category Rankings
Daily Rankings
NFL Rivals

Blankos: Party mobile games where players can play with and against friends in racing, vibe collection, shooting, and brawl game modes. It used to be a PC game, but now it is inactive and planned to launch on mobile. The game has over 1 million users. Partnered with Burberry to create NFT.

Nitro Nation World Tour: A mobile racing game that invites car enthusiasts to join a festival of always-on car meet-ups. The game has 86 million users. The in-game car NTF is licensed by Mazda, Jaguar, Aston Martin, Subaru,

The project chooses the right segment because mobile games will lead the game market. The party and sport genre was in the top 10 spending on global mobile games and racing was globally the 7th downloaded game genre. They have partnered with many big brands to create NFTs which is a smart strategy and solve the problem of NFTs which has no commercial value.

4. Business Model

The project revenue comes from these sources:

4.1. Web3 Revenue

  • Selling NFTs: Depend on NFTs types
  • Market Place Fees: Temporarily 0
  • Gas Fees: Temporarily covered by the project

4.2. Web2 Revenue

  • Advertising: Like other games, the project can charge advertising fees in their game
  • Market Place Fees of Web2 game items: ranging from 2% to 5% of transactions depending on game types including CS:Go, Dota2, Rust, and FortTeam.

The chain recognized the increase in transactions and had the highest number of transactions compared to IMX and RON, the sales including the sales of the project and the transactions between customers.

NFT Sales
$Myth Blockchain
Source: Cryptoslam

5. Blockchain

The project used to be a permissioned EVM but is now changing to Polkadot to be Layer 1.

The proposal was accepted by the $DOT community: https://polkadot.polkassembly.io/referenda/643

CEO said that they want the change to be completed in 1H2024 and the block explorer for the new Mythos Chain was live: https://mythos.subscan.io/

This change aims at taking advantage of higher transaction speed, transferring assets from different chains by BEEFY technology, and staking function that will lead to more users and more developers building games on Mythos. Therefore, this change will increase marketplace fees and NFTs revenue, leading to an increase in Treasury as well as increasing transaction fees for validators.

Mythos2.0

6. Fundraising and Partnership

Funding Rounds
Source: Cryptorank

On 27 Jun 2023, the project raised 37 million dollars, which was led by a16z and the Series C valuation is 1.25 billion dollars.

ythos Foundation
Game Alliance

The project partnered with Animoca to integrate its chain and marketplace into the games of Animoca, leading to more users and more revenue for the Treasury.

7. Competitive Advantage

  • The game model proved to be successful and sustainable in the past in the case of EA Sport with FIFA. According to Houlihan Lokey, the games that use IP ( Intellectual Property) can gain more users.
  • The project enjoys economies of scale by spreading license costs through the ability to gain users via NFL football players’ social media and famous game streamers and can gain more by building on Polkadot as well as utilizing blockchain technology to mint, sell, and create the marketplace for trading NFTs.
  • They buy all the necessary licenses and those brands that have high customer captivity.

8. Valuation

NamePrice1Y %Market CapCirculating SupplyFDV
IMX$2.32198.34%$3,443,803,0581,482,345,419$4,638,757,275
FLOKI$0.00499.87%$1,890,497,1049,557,411,122,894$1,915,482,408
GALA$0.0440.22%$1,351,770,01930,348,537,501$1,439,425,706
BEAM$0.032.03%$1,244,889,90349,466,004,168$1,441,840,827
AXS$7.262.54%$1,051,197,099144,763,965$1,959,285,382
EGLD$38.863.84%$1,047,541,79226,954,939$1,441,840,827
SAND$0.43-18.37%$986,822,8262,265,731,926$1,441,840,827
RON$2.74174.91%$888,825,633323,176,984$2,751,092,552
MANA$0.43-12.55%$819,745,2631,908,319,865$942,156,640
APE$1.22-64.84%$742,665,573604,895,833$1,222,273,038
PRIME$17.371300.08%$622,586,44535,773,841$1,932,327,837
Notcoin$0.01-61.46%$586,255,808$181,985,835$586,444,173
WEMIX$1.4766.13%$530,911,543359,840,093$1,445,541,765
SUPER$1.05641.27%$512,556,237487,776,093$1,049,403,847
ENJ$0.32-7.64%$460,061,6041,455,501,226$570,340,076
GMT$0.22-25.34%$435,970,1002,015,186,184$1,156,930,444
BNX$1.10108.17%$401,466,353366,241,418$2,297,374,155
SKL$0.07125.29%$390,209,8685,361,561,004$508,864,688
ILV$82.3873.65%$356,326,9684,324,867$676,995,078
YGG$0.89360.99%$325,783,705365,459,302$889,179,853
CHR$0.34141.67%$275,279,377812,434,439$330,075,194
Average197.94%$1,217,821,883
Mythos$0.46-13.30%$150,668,702332,682,787$459,000,000

Mythos FDV is $459,000,000 is below average and lower compared to $RON with 2.7 billion dollars of FDV, which has lower fundamentals. Therefore, Mythos is now undervalued and could reach the 5x ROI.

The information provided in this article is for reference only and should not be taken as investment advice. All investment decisions should be based on thorough research and personal evaluation.

Further Reading

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