Sunday, September 25, 2022

LootRush Pulls $12M in Seed Funding to Take Web3 Gaming Mainstream

With its focus on making blockchain and Non-Fungible Token (NFT) gaming accessible with simpler processes and cheaper NFTs, LootRush, a platform that provides gamers friendly and easy access to crypto games has successfully secured $12 million in a seed financing round from several venture firms to build on its goal.

Paradigm led the seed financing round which had contributions from Andreessen Horowitz (a16z), Brex founders, and Y Combinator. Several angel investors including founders of Axie Infinity, Vive Nevo, Dapper Labs, The Chainsmokers, Plaid, and Wildlife Studios were also involved in the round.

As the interest in web3 gaming continues to grow, LootRush will channel the funds into acquiring NFTs at scale to help players reduce the cost and also improve its staff strength globally.

The new funds will also help improve the platform’s collections of titles. Only Axie Infinity seems playable from its very limited collection of titles as of the time of this report.

LootRush looks to achieve its goal of providing lower-cost NFTs for gamers by starting with NFT rental services for gameplay; gamers can choose from a large portfolio of NFTs. It will also allow gamers to own NFTs and pair NFT artists with great players as it believes the Web3 gaming experience should be easy and inexpensive.

Anderson Ferminiano, LootRush’s President noted that rental services reduce the cost of playing or trying out a game. This he said will lower the entry barrier and therefore will present an avenue to onboard a wave of gamers, developers as well as NFT artists into the sector.

LootRush, established in late 2021, with its base in the United States and presence in Latin America, Europe, and Asia aims to help players enjoy gaming with web3 technology in just a few clicks. It provides a quick-start platform for gamers and a secure way for creators to earn yield through NFTs.

Although LootRush is yet to announce a launch date as it’s still building up to it, the future for web3 gaming can only get brighter as gamers continue with their quest for a better web3 gaming experience with as little cost and minimal entry requirements as possible.

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Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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