A Steam-like gaming platform, LootRush, raised $12M in funding:Led by Paradigm and a16z

A Steam-like gaming platform, LootRush, raised $12M in funding: Led by Paradigm and a16z

LootRush is a blockchain gaming platform that aims to make play-to-earn gamers easier for new users to try.

LootRush is a Steam-like platform for blockchain games, just raided $12 Million in Seed Funding. The round was led by Paradigm and Andreessen Horowitz (a16z), a heavyweight investor in Silicon Valley.

Since last year, Paradigm and a16z have been at the forefront of the crypto venture-led investment with a16z bringing in $2.2 billion in July and Paradigm $2.5 by November. 

LootRush aims to bring affordable NFT games to the masses with their rental model. The San Francisco-based company was founded in 2021. The platform offers NFT (non-fungible token) as a rental component for a game-specific experience. It is common to find that Play-to-Earn games would require users to already have their specific NFTs (in-game assets) and tokens in a digital wallet as a prerequisite to playing the game. LootRush aims to remove these barriers with their structure of payment choice for all levels of engagement before investing heavily.

LootRush’s payment option of Rental NFT model for Play-to-Earn Games.

Anderson Ferminiano, the LootRush CEO, stated in an interview that the funds will be used for hiring staff globally and securing NFTs at scale for more users to engage with P2E Games (Play-to-Earn).

“How we came up with the idea was that a friend of mine tried to play a crypto game last year, and it took him about three hours before he gave up even after spending $1,000 on NFTs”

LootRush Game Library: Only Axie Infinity is available for Rent for Play.

As of this writing, Axie Infinity is their only game experience users can try out but looking at their line-up, the company is moving quickly to securing more partnership with more Play-to-Earn games and NFTs.