Mythical Games: streamlining Web3 accounting for a high-volume gaming ecosystem

Mythical Games

Mythical Games is a next-generation game development studio pioneering the use of blockchain technology to enable true digital asset ownership and play-to-earn economies.

Founded in 2018, the company builds games that integrate Web3 mechanics, allowing players to buy, sell, and trade in-game assets as NFTs. Their Mythos blockchain ecosystem supports various gaming applications, with Mythos Chain—a Polkadot based blockchain—powering their flagship titles like NFL Rivals and Blankos Block Party. Mythical Games has secured partnerships with major brands such as the NFL, FIFA, and Pudgy Penguins and leverages crypto-native infrastructure to drive mainstream adoption of digital asset ownership in gaming.

The challenge

Mythical Games operates a high-volume, fully on-chain gaming economy, and were already processing up to 3.2 million on-chain transactions per month, with 200,000 active wallets and over 1 million MYTH tokens transacted daily when they approached Cryptio back in 2023.

To support this scale, the Mythos Chain was initially built as a private, EVM-compatible sidechain, balancing performance and openness while allowing assets to be bridged to Ethereum. As Mythical evolved, the infrastructure migrated to a Polkadot parachain, introducing new cross-chain complexities, including NFT asset flows across multiple networks and bridging layers.

This increasing cross-chain complexity, alongside large volumes of on-chain transactions across hundreds of wallets to report on, created significant back office challenges:

1. Intensified manual reconciliation of complex on-chain data

• Mythical’s NFT marketplace runs on the Mythos Chain, requiring reconciliation of transactions across different chains (Ethereum, Polkadot, and cross-chain bridges). Manual consolidation of this cross-chain activity was labor-intensive, particularly during key reporting periods.

2. Scattered transaction data across multiple chains 

• There was no single source of truth for aggregating financial data across wallets, chains, marketplaces, and transaction types. Without a unified data hub, Mythical’s finance team had to manually piece together on-chain data and NFT marketplaces transactions and price information.

3.  Maintaining accurate and compliant regulatory reporting with scale

• Mythical’s partnerships with major brands like the NFL required rigorous AML and fraud detection, along with audit-ready financial reporting.
• As the company scaled, tracking hundreds of corporate wallets and a growing range of NFT collections and related transactions across multiple chains became increasingly difficult while maintaining accurate, regulatory-compliant reporting.
  
  

Why Cryptio?

When evaluating solutions, Mythical considered whether to build or buy a back-office system. Mythical required a solution that provided the data layer, accounting automation, and compliance tooling needed to streamline financial operations, reduce manual effort, and stay audit-ready. They had strict criteria of what they needed from a third-party provider, and Cryptio’s platform emerged as the clear choice with its:

• Comprehensive functionality: A ready-made, enterprise-grade platform able to capture on-chain data, reconcile transactions, and generate GAAP-compliant reports in one dashboard.
• Ease of use & automation: Cryptio’s user-friendly interface streamlined everything from automated labeling of NFT-related activity to real-time wallet balance reconciliations.
• ERP integrations & competitive pricing: Mythical wanted a cost-effective system that plugged seamlessly into their existing tech stack – including the ability to sync sub-ledger entries with their ERP.
  
  

The solution

Cryptio’s platform provides a scalable, automated, and audit-ready financial infrastructure tailored for Mythical’s Web3 accounting needs:

Unified data layer for all chains

• Cryptio provides a single source of truth, ingesting data from Mythical’s Mythos chain, Polkadot, Ethereum and bridge transactions between them.
• Cryptio’s Balance and Price Sanity Checks ensure wallet balances and NFT sales prices all match perfectly against the blockchain across all wallets and accounts.

“We had no easy way to capture on-chain data or price assets – Cryptio changed that by giving us a clear, automated source of truth.”
— Ruswin Sandhu, Director of Finance

Automated labelling & transaction management

• Cryptio’s labelling logic allows Mythical to categorize transaction types (NFT sales, royalty revenues, bridging events) in real time.
• Custom Chart of Accounts (CoA) mappings automate Mythical’s complex revenue and expense streams from NFT sales and in-game transactions into trial balances for the correct accounts.

• SoDA (Statement of Digital Assets) and transaction history reports let Mythical easily visualize balances, realized gains/losses, and NFTs transfers, providing transparent, structured data for audits.
• Cryptio’s thorough audit trails and data controls allow proof of data accuracy and easy demonstration to auditors of manual modifications to an otherwise automated reconciliation flow.

The results

Once implemented, Mythical immediately realised meaningful financial operational efficiencies through Cryptio:

Reduced time to reconcile transactions: 

80% reduction in time to complete accounting and reconciliation processes since 95% of Mythical’s transactions are now reconciled automatically across their 200+ wallets and countless NFT collections, freeing up valuable time for their personnel to pursue more strategic matters.

Reduced errors:

“A single source of truth for NFT pricing, bridging transactions, and token flows eliminated the patchwork approach, cutting the chance of human error. Having such an accurate setup means our auditors trust the numbers. We’re saving time, reducing risk, and focusing on developing our vibrant gaming ecosystem- not doing detective work.”
— Angela Woo, SVP Finance

Reduced time to audit readiness:

Reduced auditor scrutiny:

As regulatory landscapes shift, Cryptio’s real-time compliance tools, data sanity checks and audit trails help Mythical stay ahead and alleviate external auditor questions. In fact, their 2022 audit saw zero crypto-related queries – a testament to the platform’s accuracy and data transparency:

“We’re going through our 2022 audit now, and so far, they’ve not asked a single question about our crypto data. In fact, a further benefit we hadn’t anticipated is that Big 4 auditors are familiar with Cryptio’s software and have greater trust in reports generated through it.”
— Savannah Phelps-Chu, Senior Accountant

Looking forward

As Mythical expands—integrating with more blockchains and forging new IP partnerships—they need a back-office solution that evolves alongside them. Cryptio ensures a foundation of financial integrity while seamlessly adapting to their needs, helping them:

• Meet their evolving compliance requirements: As rules shift in 2025 and beyond, Cryptio’s agile updates and advanced reporting modules will help Mythical navigate new standards with ease.
• Maintain pace with increasing cross-chain interoperability: As Mythical continues to develop new titles and allow NFTs to flow to increasingly more chains, Cryptio’s robust data ingestion across 65+ blockchains will keep pace, capturing cross-chain activities and bridging events without missing a beat.
• Support their growing user base: With mainstream adoption of NFT-based games on the rise, Mythical expects millions of new transactions. Cryptio’s scalable architecture can handle 1billion+ transactions across 100m+ wallets monthly, ensuring real-time insights, no matter how quickly volumes grow.

“The ever changing regulatory/compliance landscape and resulting reporting requirements is sure to continue to pose challenges from an accounting perspective. I believe Cryptio is agile enough to help Mythical navigate this in 2025.”

— Louise Wu, Senior Manager Accounting

A seamless transformation

By partnering with Cryptio, Mythical Games transformed a sprawling, manual, and error-prone process into a seamless, automated crypto accounting workflow. They gained:

• A unified data hub across permissioned and public blockchains.
• Automated labelling and reconciliation, saving up to 80% of their finance team’s hours monthly.
• Audit-ready compliance, enabling frictionless external reviews and stronger trust with marquee partners like the NFL.

Ready to achieve the same level of clarity and confidence in your crypto finances?
Contact Cryptio to learn how we can help your organization streamline its on-chain accounting and reporting.

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