Gameplay Galaxy announced it has raised $12.8 million in funding for its Web3 decentralized competitive gaming ecosystem. The creators of Trials Xtreme are also preparing to launch a new entry in the series as the first game on the platform.
Blockchain Capital led the round, with Merit Circle, Com2uS, Mysten Labs, Solana Ventures, Yield Guild Games and Hustle Fund participating. The company plans to use the funding to build out more features for the platform, as well as new games. It also intends to offer its a wallet to users, as well as ease onboarding for Web2 users.
Gameplay Galaxy users will be able to earn money by competing in Trial Xtreme’s races and competitions, and will also be able to earn their own in-game assets, including NFTs. The creators also say that users who don’t wish to engage with these mechanics can enjoy the racing by itself.
Doron Kagan, Gameplay Galaxy CEO, told GamesBeat in an interview, “Web3 is a huge step for technology. It’s basically reshaping the way that users (or players, in our case) have a chance to participate in the ownership of the game or any other company, and to really take part in the revenues or profits or whatever the product is generating… The whole gaming community gave a place for people to meet and interact, but the control for everything was in one place. The gaming company held all the information and owned everything — the data, the revenues, everything. In Web3, it’s all been decentralized in full. Even the decision-making about the game is being done with the users.”
GamesBeat Next 2023
Join the GamesBeat community in San Francisco this October 24-25. You’ll hear from the brightest minds within the gaming industry on latest developments and their take on the future of gaming.
Maya Gurevich, Gameplay Galaxy COO, said in a statement, “The Web3 space has delivered innovations we couldn’t have possibly predicted even five years ago and now, we are thrilled to bring forth the newest innovation: decentralized competitive games that is owned and operated by the players themselves. We believe the possibilities for Gameplay Galaxy are limitless, and we look forward to working with our players to scale our new gaming social experience and become the go-to source for extreme sports in the metaverse.”
GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Discover our Briefings.