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Mythos DAO in charge: Mythical Games execs depart as Web3 dev embraces decentralised approach

By Darius McQuaid

Edited by Charlie Mellor

15:15, 4 November 2022

The logo and name of French video game developer, publisher and distributor Ubisoft
Three executives have left Mythical Games all in the same day – Photo: Getty Images

Gaming company Mythical Games has seen three senior executives all leave on the same day – just weeks after the company aligned itself with a more decentralised approach.

It comes after an announcement last month, October 2022, about the launch of it the Mythos decentralised autonomous organisation (DAO) and the creation of the Mythos Foundation, set up “to manage the day-to-day operations of the Mythos DAO”.

At the same time, the DAO unveiled the mythos token (MYTH) – an ERC-20 mainnet token with a fixed one billion token supply that is intended to “provide Web 3.0 game utility and facilitate ecosystem governance”. 

“Mythical Games is the first to adopt MYTH as its native utility token on the Mythical Chain and will use the token on its Mythical Marketplace,” said the announcement.

The Mythos Foundation also recruited a group of partners to collaborate with developing “a fully decentralised non-fungible token (NFT) Transport Protocol connecting the best in the games industry with the best blockchain/Web 3.0 projects and initiatives”.

These partners include French video game company Ubsioft (UBIP), Hong Kong-based gaming software company Animoca Brands – which is also the parent company of decentralised gaming world The Sandbox (SAND) – and South Korean video game holding company Krafton.

SAND to USD 

Committed to increased community ownership

John Linden, CEO of Mythical Games, said at the time of the DAO announcement: “Mythical has always been a gamer-first platform, and this announcement signals our commitment to ensuring our community has increased ownership over their gaming experience.

“MYTH token holders will be the driving force as we, in collaboration with the Mythos Foundation and other industry partners, continue to revolutionise and democratise gaming in order to give everyone a seat at the table.

“This initial group of partners is one of the largest gaming alliances ever announced and will help transform all aspects of gaming in Web 3.0. We are proud to be among this amazing group of partners.”

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Who are the three departing executives?

Senior vice president Chris Ko, chief operating officer and head of games Matt Nutt and Rudy Koch, who was a co-founder of Mythical Games, all made LinkedIn announcements they were leaving the company on 3 November.

DOGE/USD

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Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

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Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

Koch said: “After four crazy years at Mythical, I’ve decided it’s time for a change. I’m grateful to have worked with so many talented folks, exploring the innovative edges of Web3 and the games industry.”

The co-founder also reminisced how he first pitched Mythical to an investor at a Starbucks. Koch added that he is not finished with Web 3.0 and he has a new venture in the sector that he will be revealing in the next few weeks.

Ko announced he had “decided to move on” after a year with the company. Similar to Koch, Ko is starting a new position and promised to announce what it will be in the next few weeks.

Working for Mythical Games, said Nutt, had been a “great pleasure”, particular working with colleagues towards a “vision for including players in the value chain in a more meaningful way through blockchain”.     

Nutt signed off with the same phrase as in Ko’s resignation statement and said: “I'll be in stealth mode working on something new starting next week. Look forward to sharing more on what's next in the coming weeks!”    

“We are grateful to them for their leadership and the significant contributions they’ve made in helping the company get to this point, and wish them the best in the future,” a representative from Mythical told CoinDesk.

MYTH token still up

At the time of writing, MYTH was trading up 1.32% over the past 24 hours at $1.45, according to CoinMarketCap, despite the exodus of the three executives all on the same day.

However, that price is down on the daily high on 3 November when MYTH peaked at $1.99.  

Markets in this article

SAND/USD
SAND/USD
0.34697 USD
-0.01054 -3.030%
UBIP
Ubisoft Entertainment
19.91 USD
0.45 +2.330%

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