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

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.