Loco is partnering with Avalanche to create a suite of Web3 products that seeks to bring “innovative fan experiences” by utilizing the Avalanche Subnet. The new Avalanche Subnet by Loco is designed to offer products that will be designed to give back control to the user. Fans will get to secure collectibles as part of a fantasy gaming experience and they will also get to play the role of talent managers and scouts in the new Subnet.
What is the Avalanche Subnet by Loco?
Viewers who enjoy watching their favorite creators can now directly engage in the action by building the best entertainment roster or esports team and compete with other fans in fantasy games on the new platforms under the Avalanche Subnet by Loco. Players will be able to secure digital collectibles that are unique, scarce, and will have publicly verifiable ownership.
The Fantasy sports industry generated over $22.7B in revenue in 2022 – a figure projected to grow to $48 Billion USD by 2028. Digital collectibles are the fastest-growing sector of the $400 Billion USD global collectibles industry. Despite this explosive growth, fantasy applications have largely failed to seize the Web3 opportunity.
With the recent Avalanche upgrade to Avalanche Warp Messaging (AWM), Loco’s users will also be able to freely trade Loco Legends collectibles with other assets on Avalanche. Additionally, Loco will receive support from Ava Labs through the Multiverse incentive program, helping launch its collectibles marketplaces.
Anirudh Pandita and Ashwin Suresh, co-founders of Loco, revealed in the official press release, “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 favorite creators and help amplify the enjoyment they derive from watching digital content. Our endeavor 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.”
John Wu, President of Ava Labs, said “Pioneers like Loco are breaking new ground with ways to use digital collectibles for both fan engagement and applications layered on top that was previously not possible.”
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