Loco launches India’s first NFT platform for e-sports
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Following a global trend, Loco has launched Loco Legends, which it bills as India’s first non-fungible e-sports token platform.
Loco said it is dedicated to democratizing gaming entertainment in the country, and it said their platform will allow users to own and exchange e-sports collectibles, and help them turbo-charge the fandom and experience the thrill of stepping into the shoes of sports scouts.
Legends will set the stage for decentralization for game creators with Loco who are committed to supporting the game-fi ecosystem in the country, Loco said. NFTs use the blockchain to authenticate unique digital items, and companies around the world use them to strengthen community and revenue generation between esports teams and their fans.
Loco, with 52 million users, brings with it the largest and most engaged community of players in each of these categories. The company has raised more than $ 51 million to date.
Loco Legends is launched with exclusive partnerships with the most popular esports teams in India
including 8bit, s0ul, Godlike, Revenant, Blind and XO among others. These top Indian esports teams are the category dominators in popular games such as BGMI, FreeFire Max and Valorant, giving fans the most believable NFT experience, Loco said.
Loco NFT esport card
Loco has also built a proprietary computer system that runs Legends. This system utilizes the data generated by the large number of tournaments authorized by Loco, which is the largest supporter of e-sports tournaments in the country.
Loco also said that they have signed exclusive partnerships with major esports tournament organizers including Villager esports and Upthrust esports to ensure that the data platform also has the best data pipeline in the class.
The first resource on Loco Legends will be NFT esports cards. This offer combines NFTs and free-to-play esports fantasy games. Users can buy NFT trading cards so that they can buy and sell cards between each other and also participate in fantasy pools that are free to play. By collecting, owning and exchanging these limited-edition digital collectibles, Loco designs a unique fan experience, where users can truly get closer to their heroes, build real-world connections and enhance the viewing experience.
The NFTs will be limited in number and unique to each owner. Loco is the first to build a large-scale consumer platform of this type in India that embraces NFTs and web3.
Founders Anirudh Pandita and Ashwin Suresh said in a statement: “We are passionate about the potential
by Web3 to empower creators and create new fan experiences in the gaming community. Players are the earliest users of new technology, and our society has shown a strong acceptance of these initiatives. We are happy to give users a user-friendly experience, so that they can enjoy the power of web3 without dealing with the complexity that other products are often bothered with. We are also impressed with the partners we bring with us and the experiences that these partnerships will help us deliver to users. Our team is convinced that this is a unique opportunity to unlock a new paradigm in gaming, and this product is the first step in our roadmap. “
The platform is currently in beta and will be released in July 2022. As part of this launch,
Top 1000 users who are waiting for the platform themselves will have access to free NFTs worth
about INR 500, or $ 6.39 each.
Loco’s popular game categories include BGMI, Call of Duty Mobile, Valorant, GTA 5, etc. After collaborating with giants such as Krafton, Activision, Ubisoft, Riot Games, Red Bull and the NBA 2K League and Logitech – G, the platform brings entertainment experiences to India. the gaming audience. Loco is currently available on Android, iOS and the web. The company has 85 employees.
I asked via email how receptive the local Indian market is to NFTs, as we have seen opposition to NFTs from hardcore players in the West.
“The opposition to NFT-based games from some players comes from the fact that these games are not fun to play, and therefore playing to earn can often feel like a chore,” the founders said in response. “We believe this criticism, which is justified in some cases, will be addressed by more games in the coming years.”
They added, “In our case, this is not a problem because what we publish are digital collectibles for esports teams and players. These collectibles can then be used in fantasy pools as well as other game formats we work with. These collectibles and the games they are used in, add a fan engagement team that is currently lacking from the e-sports industry.This team enhances the viewing experience and brings users closer to the streamers they love and support.The Legends platform will allow fans to own and exchange e-sports collectibles, and help them to recharge their turbo fandom and experience the thrill of stepping into the shoes of esports scouts. ”
They said that the Indian local market is eagerly looking for NFTs. In a recent survey on the platform, 60% of users were aware of Web3 and showed a strong willingness to buy NFTs to support their favorite esports streamers and teams, they said.
In terms of technology, the company plans to make it easy for Indian users to purchase NFTs and board the esports metaverse with minimal friction.
The founders said: “The Legends Web3 app uses Polygon, while the rest of the infra is built by the Loco team. We will release our online product first, and this will be followed by Android and iOS apps. The first resource on Loco Legends will be NFT esports This offer combines NFTs and free to play esports fantasy games.Users can purchase NFT trading cards so they can buy and sell cards among each
others and also participate in free-to-play fantasy pools. By collecting, owning and shopping these digital collectibles in limited editions, Loco designs a unique fan experience, where users can really get closer to their heroes, build real-world connections and enhance the viewing experience. “
I also asked them about the inspiration for the company.
Our mission as a company is to democratize Indian gaming. This central idea constantly inspires us to create new products, features and experiences, “said the founders.” We believe games provide new level playing field in India. In games – where you come from is not a limitation. How you look is not important. Your gender or religion does not matter. Your skills, your hard work, your laughter – they mean something. We
wants to ensure that a young person in a small village with minimal resources can entertain the world or be entertained, with just his phone. ”
It added, “We are the platform where players can go from being beginners to becoming game superstars. We are the campfire for streamers – from beginners to the best, they are all here at Loco. We are the platform that puts turbochargers for fan experiences. Fans no longer need to be another user in the crowd. We build tools and experiences that allow users to interact with streamers in ways they could not have done before. We are the water cooler for virtual playgrounds – where fans gather, exchange stories, analyze, critique and support their favorite creators. “
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