Paradigm, a16z Backed Blockchain Game LootRush Announces New Gaming Subscription

LootRush, a blockchain start-up backed by venture capital firms Paradigm and Andreessen Horowitz (a16z) is announcing a new gaming subscription which allows its users to access non-fungible tokens (NFTs) from over 500 games on its platform from today.

San Francisco-based LootRush was launched in May 2022 and is a crypto gaming platform that allows users to enjoy any game through NFT rentals.

In an announcement, LootRush said through its new subscription its users will be able to access NFTs that are not in its inventory. Other perks include rental discounts, and premium support via Discord.

The game allows NFT holders to monetize their assets on the platform. LootRush supports multiple blockchains, including Ethereum’s mainnet, Ronin, Avalanche, Arbitrum, Coinbase’s Base network, and Polygon.

“A standout feature of LootRush subscriptions is the flexibility it affords users, allowing them to request almost any NFT and have it available for gameplay within 24 hours. This ensures a diverse gaming experience, even with rare or less readily available assets. ” said Anderson Ferminiano, LootRush’s CEO, in a press release.

‘Golden Ticket’ Allows Users to Try a ‘Bunch of Games’

The new subscription is described as a ‘golden ticket’ by the CEO, allowing LootRush gamers to try out various games. The pricing is split in three tiers starting at $15 a month.

The first tier provides subscribers with up to $250 off fees and up to $100 in monthly NFT request credits, aimed at the casual gamers looking to explore the world of web3 gaming.

“Think of our subscription as a golden ticket to let you try out a bunch of games, using special game pieces, without having to buy them one by one,” said Ferminiano.

Gaming Revenue to Grow in 2024

It is estimated that total gaming revenue globally will rise from $227 billion in 2023 to $312 billion in 2027, according to a report by PwC.

Last week, the Australian venture capital firm King River Capital, blockchain gaming firm Immutable and Polygon Labs announced they had teamed up to launch a $100 million fund dedicated to gaming. 

In 2023, it is estimated that the blockchain gaming related rounds reached $1.7 billion. Data from Messari, a crypto market intelligence firm, it is estimated that the combined market share of Immutable and Polygon Labs is to be 70% of total blockchain gaming development, following a significant growth year for the entire industry.