The ‘Steam of Crypto’ LootRush gets $12 Million in Funding
2022 has been a rollercoaster of a ride for crypto and NFTs. Looking back, it is clear the last 2 years have helped in building the foundations of the industry on a commercial level. Now that the concept of crypto and gaming has become grounded, some of the globe’s biggest names in venture capital are wanting in on this revolutionary opportunity in LootRush!
What Is LootRush?
LootRush is a new up and coming platform for crypto/NFT games. It follows a similar vein to the well established Steam platform, we all know and love. Players will be able to do a whole host of activities on the LootRush platform:
- Talk with in game communities
- Trade NFTs on their dedicated marketplace
- Earn crypto tokens from playable games
- Earned tokens can be spent on NFTs or withdrawn to FIAT currency
LootRush is brought to you by Smelt Technologies, a California based company. They have been in business for just under a year now. However, this recent event has given them some deserved momentum. They want to make “Crypto gaming for all”. This is a great ethos from this type of company, showing they have their user base in mind. From both a financial and time dedication view, Crypto games can be very daunting for people who are looking to get into playing.
Players will also have the chance to rent out NFT collectibles found in their favourite games. This is a great feature for those who are testing the waters with Crypto Esports games.
NFTs are easily interchangeable showing the diversity of play available. Usable NFTs are also made by top personnel and guilds within the crypto world.
Who Has Given Funding To LootRush?
LootRush caught the eyes of many investors due to its Unique Selling Point within the crypto gaming space. A joint effort came primarily from Paradigm and Andreesen Horowitz (a16z) to acquire LootRush’s partnership.
Paradigm is a venture capital firm founded in California. They specialise in upcoming Web3 projects, with a large portion of their portfolio becoming a major hit in the world of Crypto. Some big names in their portfolio include BlockFi (crypto finance firm), Magic Eden (Solana NFT Marketplace) and Coinbase (Digital Currency Exchange).
a16z is another venture capital name coming out of Silicon Valley in California. They also have an acclaimed portfolio of Blue-Chip companies featuring the likes of Roblox, GitHub and Skype.
Both of these firms have founded record breaking Crypto Investment funds in the last 12 months and boast a combined value of over $4 billion. This shows the overall security that LootRush has over their product and brand! There are also some other honourable mentions who have backed LootRush: Y Combinator, The Chainsmokers & the founders of Axie Infinity.
Which Games Are Available On LootRush?
As mentioned before LootRush offers gamers the chance to play the top crypto games that are available. At the time of writing this there are currently 12 titles listed on LootRush’s site:
- Axie Infinity
- Gods Unchained
- Thetan Arena
- MIR 4
- Top Shot
- Star Atlas
- Blankos Block Party
- Ember Sword
The only current available title is Axie Infinity. The recent funding can only suggest the additional titles becoming available in the near future.
Many of these titles have gone on to develop efficient, grounded economies. Whilst also working alongside established companies and influential individuals. What’s more, they are here to stay. In recent times blockchain projects result in nothing, leaving many investors out of pocket. This can put many people off who are interested in engaging with this style of gaming. Having these infamous titles in their catalogue allows newcomers to engage in a safer way. Creating more accessibility that may not have initially been there for them.
If you want to go ahead and get started with LootRush’s features then the process to do so is straightforward. Create an account with your username, then select your playing programme, a feature that tailors your experience on the platform based on your gaming preferences.
Once signed up you are then able to access the NFT library available on the LootRush platform. Simply enter your card details on the site to be given access. Lootrush has a small entry fee, which does guarantee a sense of security and will no doubt be used to expand the company.
Does LootRush Have Potential?
The current momentum behind LootRush is a positive indication, and they are working closely with top industry names and companies. Financial backing from investors shows the potential in LootRush.
In the current state of crypto gaming LootRush is definitely a unique platform, offering gamers a platform that can evolve the future of gaming. This Steam-like project is what the space has needed for some time now. Adding legitimacy and safety. Due to the different features within LootRush, the possibility for more competitive play is available to users. Competitive blockchain esports is introduced as players are able to earn crypto.
The Esports industry has been evaluated by specialists to be a billion dollar industry. Over the past few years it has seen considerable growth. With many teams becoming more than just teams, shifting to household names. By adding crypto gaming into this paradigm the industry can only grow greater and greater from here on out.