The Indian game streaming platform Loco has reached a cooperation with Avalanche to create a new fan experience.
Loco will join the Avalanche multiverse incentive program and launch a subnet to launch a collectibles marketplace with the support of Ava Labs. The platform is building a suite of Web3 products that will bring fan experiences through custom Avalanche Subnet.
One of the largest Series A investments in Indian and South East Asian gaming history, Loco has received $42 million. Other gaming companies, including Krafton, Activision Blizzard, and Riot Games, have also joined the platform.
Around $22.7 billion in revenue was created by the fantasy sports sector in 2022, and by 2028, it is expected to reach $48 billion. In the over $400 billion global collectibles market, digital collectibles are the segment with the fastest growth. Fantasy apps have mainly failed to make use of Web3 possibilities despite this exponential development.
The early Loco products are intended to return control to the user and introduce collectibles to the world of fantasy games. The Web3 projects will provide fans a platform to express their passion and put them in the position of talent managers and scouts, allowing them to use their expertise to their advantage and adding a brand-new, thrilling dimension to their viewing experience.
By creating the finest entertainment roster or esports squad and competing against other fans in fantasy games on these platforms, viewers who like watching their favorite artists can now become directly involved in the activity. These treasures will be one-of-a-kind, hard to find, and have ownership that can be proven.
The continuing product promotion and Loco’s Avalanche Subnet open a brand-new chapter in the narrative of Avalanche’s explosive growth in Asia. Avalanche efforts were recently revealed by both Japanese game pioneer Gree and Chinese technology behemoth Alibaba.
The Avalanche Subnet enables Loco to grow to a user base of numerous consumers and adjust the characteristics of a bespoke blockchain to its apps while minimizing network costs and transaction latency. The co-founders of Loco, Anirudh Pandita and Ashwin Suresh issued the following statement:
“We are excited to begin 2023 with this partnership with Ava Labs. 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 and 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.”
Users of Loco will be able to easily exchange Loco Legends items with other assets on Avalanche thanks to the most recent Avalanche upgrade to Avalanche Warp Messaging (AWM). Ava Labs will also assist Loco with the development of its collectibles marketplaces through the Multiverse incentive program.
Credit: NewsCoincu