The top-notch esports streaming platform, LOCO, joined hands with a blockchain network Avalanche to bring web 3.0 fan experiences by launching an NFT marketplace for esports fans, ‘Legends By Loco’ on Avalanche Subnet.
Recently, Loco fetched $42 million from the series A funding round, making it the biggest Series A round in Indian and South East Asian gaming history. Furthermore, Loco has already made strong partnerships with Riot Games, Activision Blizzard, and Krafton.
The new NFT Marketplace is expected to enhance users’ engagement with its favorite esports creators.
However, Loco will operate its separate Avalanche validators to ensure the users’ security. The collaboration will help Avalanche to expand its offerings throughout Asian countries.
In the initial phase, Loco will develop a product to let users get control back by integrating collectibles into the fantasy gaming experience. As collectibles are built upon blockchain technology, they will be unique, scarce, and will have verifiable ownership.
Furthermore, the Avalanche Subnet will allow Loco to bring properties of a custom blockchain on its application, helping to scale a user base of hundreds of millions of customers. Also, it will keep network fees and transaction latency low.
Moreover, Loco’s users can trade their Loco Legends collectibles with other digital assets on Avalanche.
Avalanche stated in a tweet that nearly 85% of top gaming creators are on Loco, and it also grew to 900% in daily active users over the last year.
Recently, Avalanche blockchain ecosystem also partnered with BLRD, a division of the Japanese gaming and digital media business Gree, to launch its first Web3 game in 2023.
Avalanche said in a tweet, “Legends By Loco will allow new ways for streamers to engage with their superfans–streaming Loco Legends games, showcasing pack drops, and more.”
The worldwide fanbase of Fantasy games soared exponentially, and so did in India. The success of player versus-player games such as PUBG and BGMI have become a reason to entice the user base towards esports. Fantasy Games allow players to collect, trade, and build their teams to compete against each other. According to the report, the fantasy sports industry is accumulating more than $22.7 billion in annual revenue.
