A $12.8 million funding round for Gameplay Galaxy’s Web3 decentralized competitive gaming ecosystem was announced. The designers of Trials Xtreme are also ready to publish a new entry in the series as the first game on the platform.
Merit Circle, Com2uS, Mysten Labs, Solana Ventures, Yield Guild Games, and Hustle Fund also invested in the round, which was led by Blockchain Capital. The company intends to use the funds to develop new games as well as additional platform features. Additionally, it plans to simplify Web2 user onboarding and provide users with access to its own wallet.
Users of Gameplay Galaxy will be able to make money by taking part in Trial Xtreme’s races and tournaments as well as by earning their own in-game resources, such as NFTs. Users who don’t want to interact with these mechanics can still enjoy the racing, according to the developers.
Doron Kagan, Gameplay Galaxy CEO, told GamesBeat in an interview, “Web3 is not 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.”
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.”