The digital games storefront based on blockchain technology, Robot Cache, has secured $3 million (£2.3m) in funding from Millennium Blockchain.
The investment bags Millennium Blockchain 10.5 million IRON tokens – the cryptocurrency utilised on Robot Cache to fund its marketplace. While the blockchain-based store has yet to launch or receive any outside capital from the sale of equity, Millennium Blockchain has also acquired the right to first refusal on up to three per cent of the company if and when Robot Cache does start to offer equity.
Robot Cache, announced in 2017 by InXile Entertainment founder Brian Fargo, has the stated aim of reducing fees paid by publishers and developers by 80 per cent. These low transaction fees mean devs and publishers should, in theory, be able to take home up to 95 per cent of their income from sales.
The other USP of Robot Cache is the ability for the buying public to sell on their used digital copies of games. Publishers and developers would take around 70 per cent of resale proceeds, while the player would get around 25 per cent in the form of IRON, the very same cryptocurrency Millenium Blockchain picked up as part of its investment.
Robot Cache’s CEO Lee Jacobson previously said: “Just a handful of companies dominate the multi-billion dollar digital download PC video games market. Robot Cache plans to revolutionize the industry by launching the first-ever workable decentralized video game marketplace that benefits both the creators of video games and gamers. All of this is accomplished by expertly leveraging the power, flexibility, safety, and transparency of blockchain technology.”