Gameplay Galaxy has raised $24 million in its seed 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 competitive web3 esports ecosystem.

With the new funding, Gameplay Galaxy plans to build out 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 run their own events and tournaments. Additionally, players can own bikes and earn tokens, further integrating them into the game's decentralized economy.

Doron Kagan, CEO of Gameplay Galaxy, emphasized the significance of web3 in the gaming industry, stating, "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’re excited to be at the forefront of this revolution, driving innovation and creating value for our players and stakeholders."

Kagan and COO Maya Gurevich explained that web3 is about changing the gaming landscape and redefining 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, influencing decisions and sharing in the value they help create.

They also highlighted that web3 is an evolution that enhances traditional web2 games with features like 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 KPIs compared to traditional games.

Bart Stephens, GM at Blockchain Capital, expressed confidence in the Trial Xtreme team, noting that while many VCs have invested in web3 games, they found Gameplay Galaxy's approach 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 mainstream success.