Gaming ecosystem Gameplay Galaxy announced on September 7, 2022, the close of its $12.8 million seed round. The company will use the acquired capital to produce more Web3 games.
Blockchain Capital led the funding round. Com2uS, Hustle Fund, Merit Circle, Mysten Labs, Solana Ventures, and Yield Guild Games also joined the pool of investors.
Aside from building and releasing more titles, the seed fund will also oversee the dev team’s expansion. Additionally, the team will push for the onboarding of Web2 players into the space .
“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 Founder and Chief Executive Officer Doron Kagan said in a statement.
The creators of Gameplay Galaxy are active proponents of Web3 gaming’s decentralized model. The team cited the freedom to own in-game assets, and possibly “enjoy the financial upside” in the event that the game becomes a hit.
Moreover, the team also supports granting the players the capability to shape the evolution of the ecosystems by how they perform in the game.
“The Web3 space has delivered innovations we couldn’t have possibly predicted even five years ago and now,” Gameplay Galaxy Founder and Chief Operating Officer Maya Gurevich stated. “We are thrilled to bring forth the newest innovation: decentralized competitive games that are owned and operated by the players themselves.”
About Gameplay Galaxy
Described as a “decentralized competitive gaming ecosystem,” Gameplay Galaxy is created by the developers behind Web2 gaming series Trial Xtreme. Currently, the extreme sports-inspired title has 250 million downloads.
In Gameplay Galaxy, players can own, buy, and sell Non-Fungible Tokens (NFTs) of vehicles, characters, racetracks, workshops, and other items. They can also compete in tournaments and win races to earn redeemable tokens.
“We believe the possibilities for Gameplay Galaxy are limitless,” Kagan added. “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.”
Gameplay Galaxy isn’t the only Web3-focused entity that raised funds for their project in September. Companies such as Metaverse Magna, Fuel Labs, Dust Labs, and Internet Game, obtained millions in capital to support their goals.
Meet the Team
Over 30 professionals form the the Gameplay Galaxy team. Together, they boast “15 years of experience working together.”
The company is led by Doron Kagan, a mentor at Google. Kagan is a gaming industry veteran with 16 years of experience in business development and products economy design. Maya Gurevich, who has led international teams in the field for 15 years, is also part of the team. Another notable core member is Dmitry Burlakov, who brings 16 years of gaming studio work. Additionally, Burlakov also has 20 years of experience in Research and Development (R&D) management.
“The Gameplay Galaxy team is creative, forward-thinking, and has an established track record of developing exciting mobile games for millions of players,” said Mysten Labs Co-Founder and Chief Executive Officer Evan Cheng. “We are excited to support them through this fundraise as they create fun, entertaining experiences that propel Web3 gaming into the future.”