American business magazine Forbes has tapped blockchain startup Galxe to dive deep into the web3 market with its new venture.
According to a blog announcement on Medium, Galxe has developed a series of social tasks designed to “enhance user engagement” with Forbes’ new venture dubbed ForbesWeb3, while demonstrating the “practical applications of blockchain.”
“As users progress through these tasks, they have a chance to score points and climb up in the leaderboard that not only tracks progress but also fosters community.”
Forbes says the campaign’s reward structure is “carefully curated to provide tangible value to the participants,” adding that the most active participants will get rewards, such as complimentary Forbes subscriptions and brand merchandise.
The launch of a new venture doesn’t mean Forbes is abandoning its crypto arm, focused on covering digital assets and blockchain.
An X account for ForbesWeb3 explained in a recent post that the new initiative is curated for “community building and offering value to the web3 space.” Taha Ahmed, Forbes’ Chief Growth Officer, says the collaboration with Galxe is “rooted in a shared vision of pushing the boundaries of traditional loyalty programs.”
After the news broke, Galxe’s native token GAL surged by nearly 10% up to $1.63, according to data from CoinGecko.
The partnership comes a few months after Galxe suffered a security breach, with several users reported losing access to their funds and wallets. The breach was caused by a DNS attack on Galxe’s domain nameservers on Dynadot. The platform has pledged a refund of $396,000 to affected users.