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Picking up on a global trend, Loco has launched Loco Legends, which it touts as the first non-fungible esports token platform in India.
Loco said he is dedicated to democratizing gaming entertainment in the country, and said his platform will allow users to own and trade esports collectible assets, helping them boost their fandom. and experience the thrill of stepping into the shoes of esports scouts.
Legends will pave the way for decentralization for game creators, with Loco committing to supporting the game-fi ecosystem in the country, Loco said. NFTs use blockchain to authenticate unique digital items, and companies around the world are using them to build communities and monetization between esports teams and their fans.
Loco, with 52 million users, brings with it the largest and most engaged community of gamers in each of these categories. The company has raised over $51 million to date.
Loco Legends launches with exclusive partnerships with India’s hottest esports teams
including 8bit, s0ul, Godlike, Revenant, Blind and XO among others. These top Indian esports teams are category dominators in popular games like BGMI, FreeFire Max and Valorant, and provide fans with the most believable NFT experience, Loco said.
Loco NFT esports cards
Loco has also built a proprietary data system that powers Legends. This system leverages data generated from the large number of tournaments empowered by Loco, which is the largest funder of esports tournaments in the country.
Loco also said it has signed exclusive partnerships with leading esports tournament organizers including Villager esports and Upthrust esports to ensure its data platform also has the best-in-class data pipeline.
The first asset on Loco Legends will be the NFT esports cards. This offer combines NFTs and fantastic free esports games. Users can purchase NFT Trading Cards allowing them to buy and sell cards with each other and also participate in free fantasy pools. By collecting, owning and trading these limited edition digital collectibles, Loco designs a unique fan experience, where users can truly connect with their heroes, connect with the real world and enhance their viewing experience.
NFTs will be limited in number and unique to each owner. Loco is the first to build such a large-scale consumer platform in India, which encompasses NFTs 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. Players are early adopters of new technologies and our community has shown strong acceptance of these initiatives. We’re excited to provide users with an easy-to-use experience so they can take advantage of the power of Web3 without having to deal with the complexities that other products often face. We are also excited about the partners we bring with us and the experiences these partnerships will help us deliver to users. Our team strongly believes 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 to the public in July 2022. As part of this launch, the
The top 1,000 users who self-register on the platform will get access to free NFTs worth
around ₹500, or $6.39 each.
Loco’s popular game categories include BGMI, Call of Duty Mobile, Valorant, GTA 5, and more. Having partnered with giants such as Krafton, Activision, Ubisoft, Riot Games, Red Bull and NBA 2K League and Logitech – G, the platform brings entertainment experiences to Indian gaming audiences. Loco is currently available on Android, iOS and web. The company has 85 employees.
I asked via email how receptive the local Indian market is to NFTs, as we have seen resistance to NFTs from hardcore gamers in the West.
“Some gamers’ resistance to NFT-based games stems from the fact that these games aren’t fun to play and therefore playing to win can often feel like a chore,” the founders replied. “We believe that this criticism, which is justified in some cases, will be addressed by several games in the years to come.”
They added, “In our case, that’s not an issue because what we release are digital collectibles for esports teams and players. These collectibles can then be used in fantasy pools as well as other game formats we are working on. These collectibles and the games they’re used in add a layer of fan engagement that the esports industry currently lacks. 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 collectible assets, helping them boost their 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 of the platform, 60% of users knew about Web3 and showed a strong willingness to buy NFTs to support their favorite streamers and esports teams, they said.
When it comes to technology, the company plans to make it easy for Indian users to purchase NFTs and integrate into the esports metaverse with minimal friction.
The founders said, “The Legends Web3 app uses Polygon, with the rest of the infra being built by the Loco team. We release our web product first, followed by Android and iOS apps. The first asset on Loco Legends will be the NFT esports cards. This offer combines NFTs and fantastic free esports games. Users can buy NFT Trading Cards allowing them to buy and sell cards with each other
others and also participate in free fantasy pools. By collecting, owning and trading these limited edition digital collectibles, Loco designs a unique fan experience, where users can truly connect with their heroes, connect with the real world and enhance their viewing experience.
I also asked them about the company’s inspiration.
“Our mission as a company is to democratize Indian gaming. This central thought constantly inspires us to create new products, features and experiences,” said the founders. “We believe gambling offers a new level playing field in India. In video games, where you come from is not a constraint. How you look is not important. Your gender or religion doesn’t matter. Your skills, your hard work, your grind – they matter. We
want to ensure that a young person in a small village with minimal resources can entertain the world, or be entertained, with just their phone.
The addition: “We are the platform where players can go from novices to becoming gaming superstars. We are the campfire for streamers – from beginners to the best, they are all here on Loco. We are the platform that accelerates fan experiences – fans no longer need to be another user in the crowd. We create tools and experiences that allow users to interact with streamers in ways they couldn’t before. We are the water cooler for virtual playgrounds – where fans gather, swap stories, analyze, critique and support their favorite creators.
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