Loco introduces Legends, an NFT platform for esports

Platform for game streaming and esports Loco has created Loco Legends, a non-fungible token (NFT) platform for esports, marking its entry into the Web3 gaming industry.

The platform, which the firm says has 52 million members, will allow users to own and trade esports collectable items, according to the company.

Anirudh Pandita and Ashwin Suresh, the co-founders of Loco, stated in a joint statement, “We are pleased about providing customers with an easy-to-use experience so that they can enjoy the potential of web3 without having to address the complexity that other solutions are sometimes plagued with.”

Including over 50 Indian esports teams, including 8bit,Revenant, s0ul, Godlike,  Blind, and XO, the startup claims one-of-a-kind partnerships that include well-known games like FreeFire Max, Battlegrounds Mobile India (BGMI),  and Valorant. The platform is now undergoing testing, and a public launch is planned for July.

The first item on the Loco Legends platform will be NFT esports cards, which combine NFTs and free-to-play fantasy games. Users will be able to participate in free-to-play fantasy pools as well as buy and sell NFT trading cards.

The top 1,000 users who waitlist themselves on the website, according to the company, would receive free NFTs, each worth about Rs 500.

The business claims that Legends will be powered by an internal information system built using information gathered from the massive number of matches made possible by Loco. Exclusive partnerships with well-known esports event organisers like Villager esports and Upthrust esports have also been made for this initiative.

“We think that web3 can enable artists and create fresh fan engagements in the game industry. The first to accept new technology are gamers, and our audience has been incredibly supportive of these initiatives “Suresh and Pandita both stood out.

With involvement from NR Narayana Murthy-led Catamaran Ventures, Makers Fund, and Korea Investment Partners, Loco raised $42 million in March. Hashed, a South Korean venture capital firm focused on cryptocurrencies, spearheaded the funding effort.

Shareholders Krafton, Lumikai, Korea Financing Partners, and Hiro Capital also participated in the investment round.

Additionally, it occurs at a time when worldwide NFT sales have collapsed as a result of the ongoing crypto winter. However, a growing number of Internet behemoths are investigating their own NFT solutions in this space, including Meta, Spotify, Twitter, and eBay. Recently, YouTube revealed that it was considering NFTs to let producers monetize their content.

NFTs are digital assets with no physical existence that may be bought and sold like real estate. NFTs are public records that are kept on a blockchain, which allows anybody to confirm the authenticity and possession of these digital tokens.