June 27, 2022
By Anjali Kochhar
Game streaming and esports platform Loco has launched a non-fungible token (NFT) platform for esports called Loco Legends, making its foray into the Web3 gaming space.
The company, which claims to have 52 million users, said the platform would allow users to own and trade esports collectible assets.
Anirudh Pandita and Ashwin Suresh, founders of Loco, said in a joint statement: “We are excited to provide our users with an easy-to-use experience so they can enjoy the power of web3 without having to deal with the complexities that are often encountered with other products.”
The startup claims to have exclusive partnerships with over 50 Indian esports teams in popular games like Battlegrounds Mobile India (BGMI), FreeFire Max and Valorant, including 8bit, s0ul, Godlike, Revenant, Blind and XO. The platform is in beta mode and is expected to be released publicly in July.
The first asset on the Loco Legends platform will be the NFT eSports card, which combines NFTs and free eSports fantasy games. Users will be able to buy and sell NFT trading cards and also participate in free fantasy pools.
As part of the launch, the first 1,000 users waiting for themselves on the platform will receive free NFTs worth around Rs 500 each, the company said.
The startup said Legends would be powered by its proprietary data system built using data generated from many tournaments licensed by Loco. To make this move possible, it has also signed exclusive partnerships with major esports event organisers, including Villager Esports and Upthrust Esports.
A few months ago, Loco raised $42 million in funding led by South Korean crypto VC firm Hashed, with participation in March from Catamaran Ventures, Makers Fund and Korea Investment Partners led by NR Narayana Murthy.
Existing investors Krafton, Lumikai, Korea Investment Partners and Hiro Capital also participated in the round.
This also happened when global NFT sales plummeted as the crypto winter continued. However, the space is attracting more and more tech companies such as Meta, Spotify, Twitter, and eBay, which are testing their own NFT offerings. YouTube recently said it explored NFTs to help creators make money on the platform.
NFTs are digital assets that can be bought and sold like property but have no tangible form. NFTs exist on the blockchain as public ledgers, allowing anyone to verify the authenticity and ownership of these digital tokens.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
