Loco Plans to Use Avalanche Blockchain for its Esports and Streaming Services
Interesting developments are happening in the Asian Web3 community as Loco joins hands with Avalanche. The partnership between India’s Loco and Avalanche will create esports and streaming services using Avalanche’s blockchain technology. Loco is an Indian game streaming platform that will now utilize blockchain technology to enhance user experience. The company joins the Avalanche Multiverse incentive program and will also launch a subnet resulting in Avalanche’s further expansion.
Loco Web3 Plans
Loco is currently developing a range of Web3 offerings that aim to provide fan experiences through the custom Avalanche Subnet. With a recent successful Series A funding round, which amounted to $42 million, Loco now holds the title for the largest Series A round in Indian and South East Asian gaming history. Furthermore, the platform has established partnerships with renowned gaming publishers such as Krafton, Activision Blizzard, and Riot Games.
Loco's ongoing product campaign and the deployment of its Avalanche subnet signifies yet another noteworthy development in the rapid expansion of Avalanche in Asia. This expansion has been further supported by recent announcements from Alibaba, the Chinese technology giant, and Gree, the Japanese gaming trailblazer, each detailing their own Avalanche initiatives.
Similar to Gree, Loco has made a significant commitment to the network's security and growth by operating its own Avalanche validators.
Loco Focuses on Fantasy Sports and Collectibles
In 2022, the fantasy sports sector produced more than $22.7 billion in revenue, and industry experts predict that this figure will reach $48 billion by 2028. Meanwhile, digital collectibles have emerged as the most rapidly expanding segment within the $400 billion global collectibles market. Despite this significant growth, fantasy sports applications have so far not fully embraced the potential of Web3 technology.
Loco's first set of offerings will prioritize user autonomy and enable the integration of collectibles into the fantasy gaming experience. By leveraging Web3 technology, Loco aims to provide fans with greater agency. It will enable them to serve as both talent managers and scouts. This will add a fresh and engaging dimension to their viewing experience, allowing them to utilize their knowledge and demonstrate their fandom.
Audiences can now directly engage with their preferred creators. It is doable by assembling superior entertainment rosters or esports teams and participating in fantasy games on the platform. Collectibles that are exclusive, rare, and with publicly verifiable ownership will be integral to this experience.
Loco Choosing Avalanche Over Others
By utilizing the Avalanche subnet, Loco can customize the blockchain properties for its applications. Moreover, it can efficiently serve a massive customer base while keeping network fees and transaction latency minimal.
“We are excited to begin 2023 with this partnership with Ava Labs,” shares Anirudh Pandita and Ashwin Suresh, cofounders of Loco, in a statement. “We are aligned with Avalanche in our vision of bringing fun games to millions of users. These skill-based games will allow fans to deepen their connection with their favorite creators. Additionally, it will help amplify the enjoyment they derive from watching digital content. Our endeavor is to provide users with reliable and secure platforms to store, buy, and sell digital assets while ensuring that the user experience is simple yet fun.”
Following the latest upgrade to Avalanche's Warp Messaging (AWM), Loco's users will enjoy benefits. These will include freely trading Loco Legends collectibles alongside other assets on the Avalanche network. Furthermore, Loco will receive support from Ava Labs via the Multiverse incentive program, facilitating the successful launch of its collectibles marketplaces.
Ava Labs on Partnership with Loco
“Web3 gaming is a fantastic use case for Avalanche Subnets as the only solution capable of consistently handling heavy traffic without causing user experience to suffer in the form of long wait times or high fees,” said John Wu, president of Ava Labs, in a statement. “Pioneers like Loco are breaking new ground with ways to use digital collectibles for both fan engagement and applications layered on top that was previously not possible.”
Avalanche prides itself on being the world's quickest and most dependable smart contract platform. It provides companies with the option to deploy their solution using the Ethereum Virtual Machine or a customized solution of their own.
Loco has partnered with Krafton, Activision, Ubisoft, Riot Games, Red Bull, NBA 2K League, and Logitech G. It is available on Android, iOS, and the web.
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