Mythical Games, a brand new startup that recently exited stealth mode, has raised $16 million to develop a line of PC, mobile and console games on EOS (EOS), the blockchain platform known for its delegated proof-of-stake (DPoS) consensus model.

According to a report by TechCrunch, Mythical is led by a group of gaming industry veterans, with backgrounds at Blizzard, Activision and Yahoo. The startup’s CEO, John Linden, was the former studio head at Activision and president of the Niantic-acquired Seismic Games.

The investment round was led by Galaxy Digital’s EOS VC fund, with participation from Javelin Venture Partners, Divergence Digital Currency and cryptocurrency exchange OKCoin.

“We believe that true ownership of digital assets, verifiable scarcity, and integrated secondary markets will spawn a new generation of games. These new economies, based on digital ownership, will bring players, developers, and content creators closer to the games they love,” reads the Mythical Games website.

Shortly after unveiling its fundraising round, Mythical Games announced its first title release during CBS’ 2018 Gamers’ Choice Awards preview show. The new game, titled Blankos, is a multiplayer collectibles game that looks to sarcastically draw inspiration from Fortnite.

As we previously reported, EOS is quickly gaining momentum as the go-to blockchain platform for game developers. Most recently, Andrey Durakov, CEO of LetItPlay, recently shared his reasoning on why the company chose to build its collectibles game, Wizards.one, on EOS.

“It’s not a secret that Wizards.one was inspired by CryptoKitties, which caused a huge clog in the Ethereum network due to the players’ activity for a few days in December 2017,” said Durakov. “It was very interesting to contrast the EOS and Ethereum networks; the expected performance of EOS is several orders of magnitude faster.”

Gaming on the blockchain is still in its infancy, but the opportunity offered by the sprawling industry has many believing that it is the key to mass adoption of the emerging technology.

More: Blockchain gaming gets a boost with Mythical Games’ $16M Series A
Related: Blockchain Game Developer Picked EOS for Its “Superior Performance”

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.