The premier esports broadcasting platform, LOCO has collaborated with the blockchain network Avalanche to provide web 3.0 fan experiences. This collaboration has resulted in the establishment of an NFT marketplace for esports fans called ‘Legends By Loco’ on the Avalanche Subnet.
Recently, Loco was successful in raising $42 million via its series A fundraising round, making it the largest Series A round in the history of gaming in India and South East Asia. In addition, Loco has already established powerful connections with companies such as Riot Games, Activision Blizzard, and Krafton.
The website is working hard to improve its users’ ability to interact with their preferred esports content makers.
Notwithstanding this, Loco will continue to run its own independent Avalanche validators to guarantee the safety of its consumers. Because of the agreement, Avalanche will be able to increase its product offers throughout the Asian nations.
At the first stage of development, Loco will create a product that will allow customers to regain control by incorporating collectibles into the experience of playing fantasy games. The use of the blockchain technology will result in collectibles that are one of a kind, limited in quantity, and have ownership that can be verified.
In addition, the Avalanche Subnet will make it possible for Loco to include the features of a bespoke blockchain into its application, which will assist the company in expanding its user base to include hundreds of millions of consumers. Moreover, it will maintain a minimal level of network costs and transaction delay.
In addition, players of Loco are able to exchange the items they have earned in Loco Legends for other digital goods on Avalanche.
Avalanche noted in a tweet that approximately 85 percent of the top game producers are on Loco, and that the platform has also had a 900% increase in the number of daily active players over the course of the last year.
A recent partnership between the Avalanche blockchain ecosystem and BLRD, a branch of the Japanese gaming and digital media company Gree, will allow the Avalanche blockchain ecosystem to publish its first Web3 game in 2023.
A tweet from Avalanche said, “Legends By Loco will provide new methods for broadcasters to connect with their superfans, including broadcasting Loco Legends games, displaying pack drops, and more.”
The number of people playing fantasy video games has grown tremendously around the globe, including in India. The popularity of player-versus-player games like PUBG and BGMI has given esports organizations a new motivation to try to lure their user bases to watch competitive matches. Fantasy games provide players the opportunity to gather, trade, and construct their own teams, which they may then use to compete against other players. According to the findings of the study, the income generated by the fantasy sports sector is now in excess of $22.7 billion annually.
Compiled by Coinbold