Unitopia Secures $5 Million to Develop a Blockchain Gaming System to Rival Steam

People have been saying for a while that there is plenty of space to create a business based in the blockchain technology and gaming for a while now, which is why Unitopia has set out to create the blockchain of games, something like Steam, but based on the blockchain technology.

Recently, this company was able to get $5 million USD from investors to fund this new platform for gaming using the blockchain. Unitopia is a blockchain research laboratory which is owned by Electronic Soul, a Chinese game developer. Among the companies that invested in this project were Link Hui Capital, Digital Chain Capital, Shuimu Fenghua Fund and Super Brain Fund.

According to the official announcement, this company will use the funds in order to upgrade its own efforts to create this blockchain platform for games, which is set to help the industry to grow.

The main goal is to create a digital distribution platform with a strong user base and Steam is the model that is being used by the developers at the moment. On the platform, all games would work in a decentralized way and the revenue would be collected and divided automatically with the use of smart contract technology, which could automate a lot of the work.

Other Companies Are Also Following The Same Road As Unitopia

Unitopia’s idea may be interesting and novel but the fact is that there are plenty of companies trying to the same right now, and that is without counting the Epic Store, which wants to be Steam without the blockchain technology. With so many Steam wannabes, can it have a shot?

For instance, Lucid Sight, a blockchain games developer, has raised $6 million USD, too, to create a blockchain-based games platform. The company intends to use the Scarcity Engine, which was designed to power games using the blockchain for consoles, mobile devices and computers alike.

Another platform with a similar project is Animoca Brands, which will publish a Formula 1 game on the blockchain. The idea was to deepen fan engagement and to create a significant experience for the users.

This makes Unitopia’s road to being the new blockchain-based Steam hard. There are competitors everywhere and people just use a single platform or maybe two, so the company will have to make an effort if its wants to carve its space in this disputed industry because not even the blockchain is unique enough at this point.