The Avalanche ($AVAX) network is set to onboard up to 50 million new users into the cryptocurrency space through its recent partnership with Loco, a leading esports and live-streaming platform that’s building a suite of Web3 products through it.
According to Avalanche’s recent announcement, Loco has recently raised $42 million in the “largest Series A round in Indian and Southeast Asia gaming history,” and has built an “arsenal of preferred partners” that include industry heavyweights such as Activision Blizzard, Riot Games, and PUBG.
Per the firm, 85% of leading gaming creators are on Loco, as the platform has seen a 900% growth in daily active users over the past 12 months.
The platform is now set to allow its content creators to engage with fans while streaming games. Specifically, it’s targeting the collectibles and fantasy sports markets, with the latter being a growing industry that generated over $22.7 billion last year.
Digital collectibles, the announcement adds, are the “fastest-growing sector” of the $400 billion global collectibles industry. Loco’s initial products are set to be “designed to give back control to the user, bringing collectibles to the fantasy gaming experience.
The introduction of Web3 initiatives is set to give fans the opportunity to showcase their passion and participate as talent managers and scouts, enhancing their viewing experience by utilizing their expertise and adding an exciting new dimension to it.
The announcement adds that as part of Loco’s mission to offer the Indian gaming community entertaining products, it is now expanding its offerings with Avalanche. By utilizing an Avalanche Subnet, Loco will be able to customize the blockchain properties for its applications and cater to a user base of millions of customers, all while maintaining low network fees and transaction latency.
Avalanche’s network comprises three fundamental blockchains: the Platform Chain (P-Chain), which facilitates the coordination of validators and the creation of subnets; the C-Chain, which is responsible for the creation of smart contracts; and the X-Chain, which manages and facilitates the exchange of assets.
Image Credit
Featured Image via Pixabay
