Gameplay Galaxy raises 24 million dollars to accelerate the development of esports in Web3

Gameplay Galaxy has raised $24 million in its initial funding round, including an additional $11 million in a recent extension. Blockchain Capital and Merit Circle led the round. The funds will be used to accelerate the development of Trial Xtreme Freedom, an extreme sports title, and to expand Gameplay Galaxy's web3 esports competitive ecosystem.

With the new funding, Gameplay Galaxy plans to develop its web3 esports ecosystem, focusing on player-centric digital ownership models. These models will allow players to own tracks in Trial Xtreme Freedom, enabling them to organize their own events and tournaments. Additionally, players can own motorcycles and earn tokens, further integrating them into the decentralized gaming economy.

Doron Kagan, CEO of Gameplay Galaxy, emphasized the importance of Web3 in the gaming industry and stated: "We believe that Web3 represents the natural evolution of the Free-to-Play model, paving the way for the most significant transition in gaming history. We are excited to be at the forefront of this revolution, driving innovation and creating value for our players and shareholders."

Kagan and COO Maya Gurevich explained that web3 aims to change the gaming landscape and redefine ownership and participation in the digital world. Unlike traditional gaming models where companies control assets, web3 offers a decentralized approach where players actively participate in the ecosystem, influence decisions, and share the value they help create.

They also highlighted

that web3 is an evolution that improves traditional web2 games with features such as digital ownership and decentralized economies, creating a more immersive and engaging environment for players. This approach ensures a smooth transition for users while driving superior key performance indicators compared to traditional games.

Bart Stephens, General Manager of Blockchain Capital, expressed confidence in the Trial Xtreme team and pointed out that, while many venture capital investors have invested in web3 games, they found Gameplay Galaxy's approach to be particularly promising. With over 300 million downloads and a deep understanding of blockchain technology, Gameplay Galaxy aims to create the first web3 game to achieve widespread success.