There are many ways to evaluate the value of a token, with market cap the most essential but also the crudest metric. It shows what an asset is cumulatively worth at any given point in time, but it fails to reveal whether it is over- or under-valued. Ascertaining that calls for a deeper exploration of such metrics as circulating supply, distribution, and relative value versus the other assets within the sector it occupies.
How then to assess the value and projected performance of MYTH, the token that lies at the heart of the Mythical Games ecosystem? Let’s start with the basics. At the time of writing, MYTH has a market cap of $193M and an FDV of $254M. This is a healthy ratio: the remaining tokens still to be distributed will not significantly inflate the supply. Going beyond that calls for a deeper analysis of both MYTH and the gaming studio with which it is synonymous. So let’s dive in and examine the bull case for MYTH having further room to grow.
Web3 gaming has matured significantly in 2024, but few players have risen to prominence as rapidly and effectively as Mythical Games. With the MYTH token at its core, Mythical Games has built a thriving economy that combines traditional gaming appeal with blockchain's ability to support true asset ownership. As the gaming industry evolves toward player-driven economies, Mythical Games continues to shape this future, leveraging the utility and interoperability of the MYTH token to fuel its ambitious projects.
This year, MYTH demonstrated its role as a foundational piece in Mythical's gameplan, and is currently trading at $0.25. Its circulating supply of 763M out of a total 1B supply shows that future issuance shouldn’t significantly dilute existing holders. From facilitating trades in the Mythical Marketplace to serving as the backbone of governance for players, developers, and creators, MYTH has grown into a utility powerhouse.
Mythical Games’ journey in 2024 has been marked by notable achievements in both game development and ecosystem expansion. The MYTH token has rallied on the back of acclaimed titles such as NFL Rivals, which surpassed 5 million downloads, and the announcement of FIFA Rivals, a partnership with football’s governing body that aims to replicate the success of its predecessor. These games, designed for mobile audiences, integrate blockchain elements like tradable sports stars and player-driven economies in ways that feel intuitive and engaging.
The Mythical Marketplace, powered by MYTH, is central to this vision, allowing players to trade in-game assets while participating in a circular economy. The marketplace’s seamless integration with games like NFL Rivals has enhanced the gaming experience while driving MYTH transaction volumes – it’s the asset used for all transactions within Mythical Marketplace. So far, the bulk of this activity has come courtesy of NFL Rivals, but that should change once more third-party developers start releasing games that are powered by the marketplace and its utility token.
Mythical Games was a comparatively late arrival to GameFi but it rapidly found success through prioritizing gameplay first. This might sound obvious, but it’s a quality that many web3 studios have overlooked in their eagerness to offer often unsustainable Play-to-Earn mechanics that provide a shortcut to bootstrapping adoption.
By offering intuitive experiences that require no prior knowledge of blockchain, Mythical Games has appealed to both traditional gamers and crypto enthusiasts. The optional use of blockchain – visible only when trading assets – ensures that web3 technology enhances rather than detracts from the gaming experience.
MYTH’s utility extends beyond facilitating transactions. It plays a governance role through Mythical’s decentralized decision-making framework, empowering players and developers to shape the platform's evolution. This community-centric approach aligns with broader web3 ideals of decentralization and shared value creation. If the MYTH token were simply about governing the games Mythical releases, this capability would be of limited value. But because the token is free for any studio to integrate, its utility extends far wider.
MYTH currently sits 27th in CoinGecko’s GameFi tokens category. That makes it a midcap, and it would need to pull close to a 15x to reach category leader IMX (Immutable). While that’s unlikely to occur any time soon, there are plenty of signs that suggest MYTH is currently undervalued versus other GameFi assets.
There’s the number of active players Mythical Games currently boasts through titles such as NFL Rivals for one thing, and there’s also the forthcoming Pudgy Penguins game – Pudgy Party – to factor in. Pudgies have been on a tear all year, with the PENGU airdrop serving to raise anticipation as the game’s launch date looms.
While the MYTH token and Mythical Games have made remarkable progress, there’s still work to be done. The web3 gaming sector is becoming increasingly competitive, with new entrants and established platforms vying for market share. To maintain its edge, Mythical Games must continue innovating – both in game design and ecosystem development.
The upcoming release of FIFA Rivals in 2025 will be a key test of Mythical’s ability to sustain its momentum. Success here should cement MYTH's status as a multi-genre web3 gaming pioneer, driving demand for the token and further solidifying its position in the GameFi landscape. As we move into 2025, all eyes will be on Mythical Games to see how it builds upon its stellar performance – and how this progress will be reflected in MYTH’s rising value.