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Catching up with the global trend, Loco has launched Loco Legendswhich it bills as India’s first non-fungible token platform for electronic Sports.
Loco says it’s dedicated to democratizing gaming entertainment in the country, and it says its platform will allow users to own and trade esports collectibles, giving them a boost in fandom power and experience the thrill of stepping into the position of esports scouts.
Legends will set the stage for the decentralization of game creators with Loco committed to supporting the game-fi ecosystem in the country, Loco said. NFT uses blockchain to authenticate unique digital items, and companies around the world are using them to strengthen communities and monetize esports teams and their fans.
Loco, with 52 million users, offers the largest and most engaged gaming community in each of these categories. The company has raised more than $51 million to date.
Loco Legends launches with exclusive partnerships with the most popular esports teams in India
including 8bit, s0ul, Godlike, Revenant, Blind and XO among others. Loco says these top Indian esports teams are genre rulers in popular games like BGMI, FreeFire Max and Valorant, while offering fans the most trusted NFT experience.
Loco NFT . e-sports card
Loco has also built a proprietary data system for Legends. The system leverages data generated by the large number of tournaments empowered by Loco, the largest supporter of esports tournaments in the country.
Loco also said it has signed exclusive partnerships with major esports tournament organizers including Villager esports and Upthrust esports to ensure that their data platform also has a best-in-class data pipeline.
The first asset on Loco Legends will be the NFT esports card. This offer combines NFT and a free to play esports fantasy game. Users can purchase NFT trading cards that allow them to buy and sell tokens against each other and also participate in free-to-play fantasy pools. By collecting, owning, and trading these limited edition digital collections, Loco is designing a unique fan experience where users can truly get closer to their favorites. their heroes, build real-world connections and enhance their viewing experience.
The NFTs will be limited in number and unique to each holder. Loco is the first to build a large-scale consumer platform like this in India, which includes NFT and web3.
Founders Anirudh Pandita and Ashwin Suresh, said in a statement, “We are passionate about the potential
of Web3 to empower creators and create new fan experiences in the gaming community. Gamers were the earliest adopters of new technology, and our community has shown strong acceptance of these initiatives. We’re excited about providing users with an easy-to-use experience so they can enjoy the power of web3 without the complications that other products often have. We also have a good understanding of the partners we carry and the experiences these partnerships will help us deliver to our users. Our team firmly believes that this is a unique opportunity to unlock a new model in the game, and this product is the first step in our roadmap. “
The platform is currently in beta and will be publicly announced in July 2022. As part of this launch,
The top 1,000 users who themselves waitlisted on the platform will have access to valuable free NFTs
about ₹500, or $6.39 each.
Loco’s popular game categories include BGMI, Call of Duty Mobile, Valorant, GTA 5, etc. Have partnered with giants like Krafton, Activision, Ubisoft, Riot Games, Red Bull and NBA 2K League and Logitech – G, the platform that brings entertainment experiences to the gaming audience in India. Loco is currently available on Android, iOS, and the web. The company has 85 employees.
I asked via email how receptive the Indian domestic market is to NFTs, as we have seen resistance to NFTs from professional gamers in the West.
“The resistance to NFT-based games from some gamers stems from the fact that these games are not fun to play and thus playing for money can often feel like a chore,” the founders responded. “We believe this criticism, justified under certain circumstances, will be addressed by more games in the years to come.”
They added, “In our case, this is not an issue as what we are releasing are digital collectibles for esports teams and players. These collections can then be used in fantasy pools as well as other game formats we are developing. These collections, and the games they use, add an extra layer of fan engagement that is currently lacking in the e-sports industry. This layer enhances the viewing experience and brings users closer to the streamers they love and support. The Legends platform will allow fans to own and trade eSports collectibles, helping them strengthen their fandom and experience the thrill of stepping into the slot. of e-sports scouts”.
They say that the Indian domestic market is eagerly looking for NFTs. In a recent survey on the platform, 60% of users were aware of Web3 and were willing to buy NFT to support their favorite e-sports broadcasters and teams, they said.
As for technology, the company plans to make it easy for Indian users to buy NFT and participate in the e-sports super product with minimal friction.
The founders said, “The Legends Web3 app uses Polygon with the rest of the infrastructure built by the Loco team. We will release our web product first and then the android and iOS apps. The first asset on Loco Legends will be the NFT esports card. This offer combines NFT and free to play fantasy e-sports. Users can purchase NFT trading cards allowing them to buy and sell tokens between each
other and also participate in free to play fantasy pools. By collecting, owning, and trading these limited edition digital collections, Loco is designing a unique fan experience where users can truly get closer to their favorites. their heroes, build real-world connections and enhance their viewing experience. “
I also asked them about the inspiration for the company.
“Our mission as a company is to democratize gaming in India. This central thought constantly inspires us to create new products, features and experiences,” said the founders. “We believe the game provides a new level playing field in India. In gaming – where you come from is not a limitation. It doesn’t matter how you look. Your gender or religion doesn’t matter. Your skills, your hard work, your honing – they matter. we
wanted to make sure that a young person in a small village with minimal resources, could entertain the world or be entertained, with just their phone. “
The person added, “We are the platform where gamers can go from novice to gaming superstar. We are the campfire for streamers – from beginners to the best, all here on Loco. We are the platform that enhances the fan experience – the fan is no longer just another user in the crowd. We’re building tools and experiences that allow users to interact with streamers in ways they couldn’t before. We’re cooling off the virtual playground where fans gather, exchange stories, analyze, critique and support their favorite creators. “
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