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Thursday, December 08, 2022

Loco Launches India’s First NFT Platform for Esports

Following the global trend, Loco has launched Loco Legends, which it projects as India’s first non-fungible token platform for export.

Loco said it is dedicated to democratizing gaming entertainment in the country, and added that its platform will allow users to own and trade collectible assets, helping them to turbocharge their fandoms and create new opportunities for esports scouts. Experience the thrill of stepping into the shoes.

Loco said that Legends will set the stage for decentralization for gaming makers with Loco to support the game-fi ecosystem in the country. NFTs use blockchain to authenticate unique digital goods, and companies around the world are using them to strengthen communities and monetize between esports teams and their fans.

Loco, with 52 million users, brings together the largest and busiest community of gamers in each of these categories. The company has raised over $51 million to date.

Loco Legends launched in exclusive partnership with the most popular esports teams in India
These include 8bit, s0ul, Godlike, Revenant, Blind, and XO. Loco said that these top Indian esports teams dominate the category in popular games like BGMI, Freefire Max and Valorant and provide fans with the most reliable NFT experience.

loco nft card exports

Loco Locolegends Square White
Loco Legends is bringing NFTs to Indian esports.

Loco has also built a proprietary data system that powers the Legends. The system leverages data generated by a large number of tournaments powered by Loco, the largest supporter 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 that its data platform is also best in class data pipeline.

Loco Legends’ first asset will be the NFT Esports Card. The offering combines NFTs and free-to-play esports fantasy gaming. Users can buy NFT trading cards allowing them to buy and sell cards between each other and also participate in free-to-play fantasy pools. By collecting, owning, and trading these limited edition digital collectibles, Loco is creating a unique fan experience where users can get really close to their heroes, make real-world connections, and enhance their viewing experience. can.

NFTs will be limited in number and unique to each owner. Loco is the first to build such a mass consumer platform in India, embracing NFT and Web3.

Loco Anirudh Pandita 1
Anirudh Pandita is the cofounder of Loco.

Founders Anirudh Pandita and Ashwin Suresh said in a statement, “We are passionate about the potential
To empower the creators of Web3 and create new fan experiences in the gaming community. Gamers are among the first to adopt new technology and our community has shown a strong acceptance for these initiatives. We’re excited to provide users with an easy-to-use experience so they can enjoy the power of Web 3 without having to deal with the complexities that other products often suffer from. We’re also excited about the partners we’re bringing with us and the experiences that will help us reach users. Our team firmly believes 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 made public in July 2022. As a part of this launch,
The top 1,000 users who put themselves on the waiting list on the platform will get access to free NFTs
Around ₹500, or $6.39 each.

Loco’s popular game categories include BGMI, Call of Duty Mobile, Valorant, GTA 5, etc. Having partnered with stalwarts like Crafton, Activision, Ubisoft, Riot Games, Red Bull and the NBA 2K League and Logitech-G, the platform brings together the best of entertainment experiences. Indian gaming audience. Loco is currently available on Android, iOS and web. The company has 85 employees.

I asked over email how receptive the local Indian market is to NFTs, as we have seen resistance to NFTs from hardcore gamers in the West.

“The resistance from some gamers to NFT-based games 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 that this criticism, which is justified in some respects, will be addressed by many sports in the years to come.”

Loco Ashwin Suresh 2
Ashwin Suresh is the cofounder of Loco.

He said, “In our case, this is not an issue because what we are releasing is digital collectibles for teams and players. These collectibles can be used in fantasy pool as well as other game formats that have a lot to offer. But we are working on. These collectibles and the games in which they are used add a fan engagement layer that is currently missing from the esports industry. This layer enhances the viewing experience and brings users closer to those streamers The Legends platform will allow fans to own and trade collectible assets, helping them turbocharge their fandom and experience the thrill of stepping into the shoes of esports scouts .

He said that the Indian local market is eagerly looking for NFTs. In a recent survey on the platform, 60% of users knew about Web3 and showed a strong desire to buy NFTs to support their favorite esports streamers and teams, he said.

As for technology, the company plans to make it easier for Indian users to buy NFTs and join the esports metaverse with minimal friction.

The founders said, “The Legends Web3 app uses Polygon and the rest is being built by the Infra Loco team. We are releasing our web product first and will be followed by Android and iOS apps. Loco Legends’ first asset will be the NFT Esports Card. The offering combines NFTs and free-to-play esports fantasy gaming. Users can buy NFT trading cards allowing them to buy and sell cards between each
Others also participate in more free-to-play fantasy pools. By collecting, owning, and trading these limited edition digital collectibles, Loco is creating a unique fan experience where users can get really close to their heroes, make real-world connections, and enhance their viewing experience. can.

I also asked him about the inspiration for the company.

Our mission as a company is to democratize Indian gaming. This central idea drives us to continuously create new products, features and experiences,” the founders said. “We believe gaming provides a new level of playing field in India. In gaming – where you are from is no barrier. How you look is not important. Your gender or religion does not matter Your skills, your hard work, your grind – they matter. We
I want to make sure that a young man from a small village with minimal resources can entertain or entertain the world with just his phone.”

Added, “We are a platform where gamers can go from being a novice to a gaming superstar. We’re the campfire for streamers – from beginners to the best, they’re all here at Loco. We are the platform that turbocharged fans experience – fans no longer need to be just another user in the crowd. We’re building tools and experiences that allow users to interact with streamers in a way they couldn’t before. We are the water cooler for virtual playgrounds – where fans gather, share stories, analyse, critique and support their favorite creators. ,

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