- LootRush aims to be the Steam for blockchain games and overcome barriers of entry
- LootRush raised $12m in a seed round led by Paradigm, with investment from Andreessen Horowitz (a16z) and more
- First game on the platform is Axie Infinity
There has been a number of races beginning in blockchain gaming in the last two years. Many start-ups want to become the first to do something that Web2 has and Web3 wants, from onboarding to identity verification. One race that interests us, in particular, is the one for the Steam of blockchain gaming.
Steam has a difficult relationship with blockchain and NFTs. The platform’s infamous announcement that it is banning and removing all games that use NFTs and blockchain from its store causes a stir inside and outside of crypto. On our side of the fence, we speculated that it was because they weren’t equipped to take a percentage of the NFT sales, though rumors are now that it was more to do with a lack of regulation and traditional ratings for blockchain games. Either way, we were displeased with Steam’s ruling.
Whatever the case, this acted as the starter pistol for the race to be the blockchain gaming Steam. Epic Games were immediately outspoken on housing blockchain games, but many younger and smaller companies set their sights on taking that title. Some have built considerable momentum too, like Ultra. Now, one of the contenders has secured substantial funding.
What Is LootRush?
LootRush is a globally available platform for blockchain games, aiming at becoming Steam for the space. The heart of the project appears to be onboarding, with the platform targeting those without a background in crypto. This hurdle is one all blockchain games must stare down; wallet and key management, smart contracts, and rife phishing attempts make for a tricky experience for beginners. LootRush also appears to combat common high barriers of entry to blockchain games with a system seen in several projects: lending of NFTs.
One game that has seen NFT loans is the most famous blockchain game to date, Axie Infinity. Incidentally, this is the only game currently playable on LootRush, with many more listed, though it’s unclear whether they are confirmed for the future or examples.
Now, with $12m in funds behind them, LootRush can push to expand in all directions and make a play for the coveted title of “Steam for Blockchain Games”.