GameOn scores $1.7 million investment for new Web3 gaming platform

Reports of Web3’s death have been greatly exaggerated. Although the crypto winter has yet to thaw, blockchain-based products continue to be built and companies are still being funded. Case in point: Vancouver’s GameOn.

On June 13, the company announced that it raised $1.7 million in financing from Vancouver-founded Flow — the blockchain platform started by local Web3 outfit Dapper Labs, makers of NBA Top Shot — as well as industry heavyweight Lightning Capital.

What does it do? GameOn partners with sports, media, and entertainment organizations to launch Web3 games, with the goal of helping build brands. The company says the funds will be used to acquire major new partners, as well as accelerate its new Playn3xt platform.

Why should you care? The Playn3xt platform represents an interesting step forward in the world of blockchain. The current Web3 landscape is made up of either static NFT images or profile pictures (think Bored Apes), or sports NFTs like memorabilia or “moments”. GameOn is betting that fans want to own, play, and influence that content, rather than just viewing it passively.

Playn3xt will be designed so collectors can use their NFTs in interactive gameplay. The company’s pitch deck envisages drops of athletes and other IP, which can be used in either a quest-based game, a live fantasy game, or a Pokemon-esque card battle game.

Who has GameOn previously worked with? The company has launched products for NBCUniversal, Bravo, Karate Combat, Times Internet, the WNBA, Dick'S Sporting Goods, and Gaming Society, so it has a strong track record to build on.

What are people saying? "Earning conviction from Web3 powerhouses is a nod to our team, product, and business,” said GameOn’s CEO, Matt Bailey. "We continue to surround ourselves with resources, people, and organizations that foster success. We're aggressively honing in on major league IP acquisition that will return scaled profitability, fuelled by best-in-class product and execution."

"We're blown away by GameOn's next generation fantasy sports platform," said senior vice-president of Flow’s ecosystem partnerships, Mickey Maher. "There is a track record of IPs having huge success on Flow, like NBA Top Shot from Dapper Labs. We can't wait to share that knowledge, experience, and network, and be a key strategic partner to GameOn's long-term success."