Loco: Revolutionizing Fan Experiences with Avalanche Blockchain Technology
Loco, a leading independent esports and live-streaming platform, is embarking on a groundbreaking journey to enhance fan engagement through innovative Web3 products built on its custom Avalanche Subnet. Recently securing $42 million in funding, Loco stands at the forefront of Indian and Southeast Asian gaming history, setting new standards in the industry. The platform has forged strategic partnerships with renowned gaming publishers such as Krafton, Activision Blizzard, and Riot Games.
Loco’s adoption of Avalanche Subnet technology marks a significant advancement in Avalanche’s expansion across Asia. This move follows similar initiatives by major players like Alibaba and GREE, underscoring Loco’s commitment to the network by operating its own Avalanche validators to ensure robust security and network growth.
Loco Targets Two Key Markets With its First Web3 Product: Collectibles and Fantasy Sports
The fantasy sports industry, which generated over $22.7 billion in revenue in 2022, is projected to reach $48 billion by 2028. Meanwhile, digital collectibles represent the fastest-growing segment within the $400 billion global collectibles industry. Despite this growth, opportunities to integrate Web3 technology into fantasy applications remain largely untapped.
Loco’s inaugural Web3 products aim to empower users by integrating collectibles into the fantasy gaming experience. These initiatives enable fans to manage and scout talent, leveraging their expertise to enhance their viewing experience. Fans can build entertainment rosters or esports teams, competing with peers in fantasy games on Loco’s platforms. Each collectible offers unique, verifiable ownership, enhancing user engagement and value.
Loco Chooses Avalanche for Its Subnet Functionality, High Performance, and Reliability
Loco’s decision to build on Avalanche stems from its commitment to delivering engaging and user-centric products to the Indian gaming community. Leveraging Avalanche Subnet capabilities allows Loco to tailor blockchain properties to its applications, scaling efficiently to accommodate millions of users while maintaining low transaction fees and latency.
With Avalanche’s recent upgrade to Avalanche Warp Messaging (AWM), Loco users gain seamless trading capabilities for Loco Legends collectibles and other assets on the Avalanche network. Moreover, Loco benefits from support through the Avalanche Foundation’s Multiverse incentive program, facilitating the launch of collectibles marketplaces.
“We are thrilled to kick off 2023 with our partnership with Ava Labs,” said Anirudh Pandita and Ashwin Suresh, co-founders of Loco. “Aligned with Avalanche’s vision, we aim to deliver entertaining games to millions of users. Our skill-based games deepen fan connections with creators, amplifying digital content enjoyment. Our platforms ensure secure, user-friendly digital asset storage, purchase, and sale.”
John Wu, President of Ava Labs, added, “Web3 gaming highlights Avalanche Subnets as the premier solution for managing heavy traffic seamlessly, offering users a frictionless experience with minimal wait times and fees. Loco leads the way in utilizing digital collectibles for fan engagement and innovative applications.”
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Avalanche is a scalable smart contracts platform known for sub-second transaction finality. Its unique consensus protocol, Subnet infrastructure, and HyperSDK toolkit empower businesses to launch customizable blockchain solutions. Build on the eco-friendly blockchain designed for Web3 developers and businesses.
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