LootRush raises $12 million to make blockchain games easier to play
May 5, 2022, 2:11PM EDT
1 min read
LootRush, a platform that aims to improve user access to blockchain games, has raised $12 million in seed funding.
The round was led by crypto VC firm Paradigm, with participation from Andreessen Horowitz. Other backers include Y Combinator, Brex founders, and angel investors like the founders of Axie Infinity, Plaid, Wildlife Studios, Dapper Labs, The Chainsmokers, and Vivi Nevo.
LootRush is trying to address three problems that game developers face when trying to get games to reach mass adoption, according to its founders: they’re expensive, time-consuming to start playing, and hard to set up.
“My team’s mission was to eliminate all of the tiresome barriers of entry that can take hours for players just to play great games,” said LootRush CEO Anderson Ferminiano in a blog post announcing the funding round. “What if playing a game with Web 3 technology was as easy as playing a game on Steam or Mobile Game?”
LootRush focuses on making blockchain games “as easy as a couple of clicks” to start playing. A player chooses a game, selects NFTs, and starts the game. It also focuses on cutting down the time to start playing from “a few hours to a few minutes” and aims to make NFTs available at a lower cost.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.