GameOn, a next generation fantasy sports company partnered with the world’s best sports leagues to launch, operate, and monetize web3 games, today announces that its LALIGA War Chest has successfully sold out. GameOn sold 3,500 War Chests in 24 hours on OpenSea and Arbitrum. The sellout is despite obstacles like three-year-high Etherum gas amid record BTC inflows.
“The team’s fast and nimble response to Ethereum gas challenges – by pausing, pivoting, and relaunching on Arbitrum just 24 hours later – kept the community engaged and momentum alive, resulting in an emphatic and hard-earned sellout,” said Matt Bailey, CEO at GameOn. “The GameOn team is built for execution, even under immense and unexpected pressure, and is committed to delivering next-gen fantasy games with the best sports leagues in the world.”
GameOn’s attention now turns to fostering GameOn LALIGA further with player avatar mints and the fantasy game release, as well as launching $GAME in collaboration with Sportsology and announcing new major league partners.
GameOn LALIGA recently launched on social media, amassing more than 200,000 video views and a community of over 100,000 across X, Discord, email, and waitlist. GameOn also recently announced a grant from Arbitrum, the leading Layer 2 (L2) scaling solution for Ethereum, with a market cap of more than $2b. $GAME is planned to launch on Arbitrum in Q2, off the back of a string of successful game token launches like XAI.
For further news and updates, join GameOn’s shareholder Telegram channel.
The Company also announces that it has entered into an amending agreement dated February 22, 2024 (the “Amendment”) with respect to a loan agreement with Proje Ventures Inc. (“Proje”) whereby the Company had borrowed an aggregate of US$550,000 (the “Loan”) from Proje. The Loan is evidenced by a promissory note dated July 8, 2022 (the “Note”) and secured against the monthly recurring revenue of the Company derived from its assets and contracts.
As per the original terms of the Note, the Loan bore interest at the simple non-compounding rate of 14% per annum payable monthly in arrears based on a 365-day year basis, and was due and had become mature on January 8, 2024, the 18-month anniversary of the closing date of the Loan (the “Maturity Date”). Pursuant to the Amendment, the Company and Proje have agreed to extend the Maturity Date, so that the Loan shall mature on July 8, 2024, and to provide for the repayment of the principal amount of the Loan in two installments, of which an amount of US$275,000 shall be due and payable by the Company to Proje on February 29, 2024, and the remaining amount of US$275,000 shall be due and payable by the Company to Proje on July 8, 2024. If the Company fails to pay an installment of the principal amount of the Loan within one month of the due date, the Company shall be required to pay a late payment penalty in an amount equal to US$15,000 for each period of one month following the due date during which such installment remains unpaid. In addition to the foregoing, as per the terms of the Amendment, the Loan shall bear interest at the simple non-compounding rate of 20% per annum payable monthly in arrears based on a 365-day basis, commencing on January 8, 2024.
