The gaming firm Gameplay Galaxy, creator of web2 sports and racing games, raised $12.8 million in a seed round to expand a line-up of decentralized competitive games.
Blockchain Capital led this round, with additional participation from Merit Circle, Com2uS, Mysten Labs, Solana Ventures, Yield Guild Games and Hustle Fund, a release shared with The Block said.
Gameplay Galaxy’s competitive gaming ecosystem will allow users to own racing-related gaming assets, such as racetracks and characters, as NFTs that can be bought and sold on a decentralized marketplace. Players then earn money via winning races.
The firm intends to use the seed funding to expand its blockchain-based gaming ecosystem as well as bolstering its team.
“The advent of web3 has resulted in an open field of creative opportunities for game creators. Gameplay Galaxy has designed a new ecosystem that harnesses the full power of web3 to provide a much more exciting and interactive gaming experience for our players,” Gameplay Galaxy CEO Doron Kagan said in a statement.
Gameplay Galaxy says in its release that players can “earn active income” through gameplay, but this has been historically difficult to maintain in the blockchain gaming sphere. The most popular web3 game, Axie Infinity, couldn’t sustainably maintain its gameplay tokens, causing players to turn away, The Block previously reported.
Nonetheless, Gameplay Galaxy joins Limit Break, MetaverseGo and other blockchain gaming startups to receive funding within the last month.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.