Gaming Firm Unitopia Raises $5 Million to Create Blockchain Equivalent of Steam

Published at: April 22, 2019

Blockchain-powered gaming platform Unitopia has received $5 million in funding from a group of investment and financial services companies, local media outlet BiShiJie.com reported on April 22.

Unitopia — a blockchain research lab of Chinese video game developer Electronic Soul — has reportedly received a strategic investment from Shuimu Fenghua Fund, Link Hui Capital, Jun Joint Venture, Digital Chain Capital and Super Brain Fund in the amount of $5 million.

The company will purportedly use the funds to boost research and development of blockchain-based games, as well as facilitate the growth of the industry. Specifically, Unitopia aims to create a blockchain-based equivalent of digital distribution platform Steam, on which users can purchase and play video games.

Unitopia claims that all games on its platform are decentralized, with the game revenue distribution controlled using smart contracts.

Earlier in April, blockchain games developer Lucid Sight raised $6 million to expand its digital games to traditional game platforms. The company will ostensibly use the investment to launch Scarcity Engine, a software developer tool that is designed to introduce Lucid Sight’s blockchain-powered games on gaming platforms such as consoles, PCs and mobile devices.

Blockchain startup Animoca Brands announced in March that it had signed a global licensing agreement with Formula 1 to publish a blockchain game based on the world-renowned racing series. Animoca claims the blockchain game will deepen fan engagement, and that the partnership aligns with Formula One owner Liberty Media’s aim to improve fan experience via significant investments in new technology.

As for digital tokens, which circulate in gaming ecosystems, cryptocurrency indices provider AltDex launched a benchmark index for the blockchain gaming category  dubbed AltDex Gaming Index. The index is designed to track cryptocurrencies and tokens of blockchain-based projects related to video games, esports, and other analogous decentralized applications.

Tags
Adoption
Blockchain
China
Investments
Games
Related Posts
Play-and-earn is the secret to mainstream NFT gaming adoption
Since 2017, dozens of projects have created games that use blockchain and nonfungible token (NFT) technology. The overall vision is inspiring and has attracted a solid base of fans and investors in equal measure. However, the industry is still in its infancy, and we have a long way to go until it achieves mainstream adoption. There are various hurdles on the path to this promised land. Some of the primary barriers are that NFT games have relied too heavily on their money-making traits as the selling point and lag behind traditional games when it comes to engaging game mechanics. But …
Adoption / Aug. 6, 2021
Animoca Brands to Develop Blockchain-Based MotoGP Manager Game
Blockchain and artificial intelligence firm Animoca Brands Corporation Limited has entered into a partnership with sports management company Dorna Sports, S.L. to develop a blockchain-based MotoGP manager game. Per a press release shared with Cointelegraph on Sept. 26, Animoca Brands completed a strategic capital raise of A$1 million ($677,600) from a group of investors, including Moses Tang, the founder of AP Capital and founding chairman of Goldman Sachs Asia Pacific. The company is planning to allocate part of the funds to advancing the manager game. Make it to the 2020 MotoGP racing season The release says that Animoca Brands determined …
Adoption / Sept. 27, 2019
China: Insurance Giant Ping An Subsidiary to Create Boutique Bank Supported by Blockchain
Ping An Bank, a subsidiary of China’s Ping An Insurance Group, will launch a boutique bank using blockchain, cloud services, and the Internet of Things (IoT). Ping An Insurance Group is one of the world's leading financial and insurance corporations, and their subsidiary’s announcement was reported on Nov. 20 by People’s Daily, China’s official state run press service. A boutique bank is defined as a non-full service investment bank that supports more individualized services than larger firms. The new boutique bank will rely on Ping An Group's scientific and technological skills and comprehensive financial capabilities to provide integrated financial services …
Adoption / Nov. 20, 2018
Binance Smart Chain and Animoca Brands form $200M fund for GameFi projects
Binance Smart Chain (BSC) and Animoca Brands are launching a $200 million investment program to incubate early cryptocurrency-focused gaming projects building on BSC. BSC and Animonica announced Dec. 6 that they are co-investing up to $100 million each to support game projects in the GameFi sector. One of the largest blockchain ecosystems, BSC will be investing from its $1 billion accelerator arm for decentralized finance (DeFi), nonfungible tokens (NFT) and GameFi. The fund was set up earlier this year to extend BSC ecosystem services and drive mainstream adoption across the fintech sector. Animoca Brands is a major player in blockchain …
Adoption / Dec. 6, 2021
What are the top 3 trending altcoins to buy in 2022? | Find out now on The Market Report
The Market Report with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss the top three trending altcoins you might want to consider looking at in 2022. But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. Next up: the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as each of them makes his case for what he thinks is the top trending …
Decentralization / April 26, 2022