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LootRush revealed that it is approaching its official launch.
LootRush has gathered $12 million in a seed funding round, backed by crypto VC firm Paradigm and Andreessen Horowitz (a16z). LootRush offers easy ways to enable NFT gaming for players. The platform is committed to giving gamers an easy and affordable experience. Currently, Axie Infinity is the only game available on LootRush. Interested persons may create accounts, choose their desired playing program and pay entry fees.
In addition to Paradigm and a16z, other participants of the LootRush seed funding include Brex founders and Y Combinator. Angel investors like Axie Infinity, Dapper Labs, Vivi Nevo, The Chainsmokers, Plaid, and Wildlife Studios also supported the financing.
CEO Speaks on $12M Seed Funding
Speaking on the recently-completed seed funding round, LootRush CEO Anderson Ferminiano mentioned three major problems game developers and publishers face. According to him, the challenges are that they are difficult to set up, expensive, and time-consuming. He said the mission was to tackle the problem when he founded LootRush in 2021. He noted that the team started operation to find solutions to the time-consuming barrier. The CEO asked, “what if playing a game with Web 3 technology was as easy as playing a game on Stream or Mobile Game?”
Ferminiano wrote in the LootRush official blog post that announced the seed round:
“We have removed the massive barriers of entry that currently prevent many new players from actually playing a game. We make it as easy as a couple clicks to go from wanting to play to actually playing. At LootRush you choose a video game, select the NFTs to play from a range of assets curated to best fit your gaming preference, and start playing. We enable players to play video games with NFTs at 100x lower price, providing more flexibility and a larger portfolio of NFTs to have fun. We cut down the time to start playing your favorite game from a few hours to a few minutes.”
Furthermore, LootRush revealed that it is approaching its official launch. The CEO added that the platform had made games like Axie Infinity easy, fast, and affordable.
a16z Continuous Financial Backing
a16z has invested in a variety of companies over the years. The VC firm made its first investment in India last year, leading a funding round for CoinSwich Kuber. Crypto exchange CoinSwitch Kuber secured $260 million, pushing the company’s valuation to $1.9 billion. Other firms that a16z had financially backed include Ethereum staking solution Lido Finance, private blockchain outfit Aleo, Mythical Games, and more.
Earlier this year, the Venture Capital firm was reportedly in talks with investors about plans to garner money for its new funds. Reports stated that a16z was looking to raise $4.5 billion for two new funds.