Game streaming platform Loco joins Avalanche Multiverse incentive programme
Loco, an Indian e-sports and videogame live-streaming platform, has joined the Avalanche Multiverse incentive programme and launched a subnet to offer a suite of Web3 products.
The Avalanche Subnet will allow Loco to tailor the properties of a custom blockchain to its apps and scale to a user base of hundreds of millions of customers, all while keeping network fees and transaction latency low, the firm said in a statement.
“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 favourite creators and help amplify the enjoyment they derive from watching digital content. Our endeavour 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,” said Anirudh Pandita and Ashwin Suresh, co-founders of Loco.
The company recently raised $42 million in funding, becoming the largest series A amount raised by a gaming company in the Indian and South East Asian regions. The platform has also partnered with other gaming publishers like Krafton, Activision Blizzard and Riot Games.
Loco’s Avalanche Subnet and ongoing product campaign are the latest developments in Avalanche’s expansion in Asia. Recently, Chinese technology giant Alibaba and Japanese gaming trailblazer GREE each announced Avalanche initiatives. Like GREE, Loco will run its own Avalanche validators.
“Web3 gaming is a fantastic use case for Avalanche Subnets as the only solution capable of consistently handling heavy traffic without causing user experience to suffer in the form of long wait times or high fees,” said John Wu, President of Ava Labs.
With its Web3 products, Loco is targeting the collectables and fantasy sports markets. The firm’s initial products will be designed to give back control to the user, bringing collectibles to the fantasy gaming experience.
The Web3 initiatives will allow fans to express their fandom and put them in the role of talent managers and scouts.
Viewers who enjoy watching their favourite creators will be able to directly engage in the action by building the best entertainment roster or esports team and competing with other fans in fantasy games on these platforms. These collectibles will be unique, scarce, and will have publicly verifiable ownership, the firm revealed. Business Standard