Quick take:
- League of Kingdoms has announced the launch of the $LOKA token.
- The P2E blockchain game wants to strengthen community governance by giving voting rights to holders of the token.
- The launch comes after the game’s daily active users rocketed to 80,000.
Massively Multiplayer Online (MMO) game, the League of Kingdoms has announced the launch of the LOKA token, which the community will use to participate in key platform decisions in the future. The play-to-earn (P2E) gaming platform is beefing up its community governance rights amid huge plans for the metaverse and creating a player guild.
Launched in early 2020, the League of Kingdoms has experienced tremendous growth, with its daily active users soaring 20x during the second half of 2021 to over 80,000. In the company’s token launch on Thursday, it revealed that its community had grown to over 400,000 members.
In a statement sent to media houses, the company wrote, “the LOKA token adds to the existing set of NFTs to enable governance rights and additional utility to the League of Kingdoms community.”
The League of Kingdoms said LOKA will be available to members from Jan. 2020, with more details about the launch set to come out closer to the date.
LOKA holders will gain rights to decide key features and plans for the game. They will also be able to stake their $LOKA in a bid to lay a claim to a part of the platform’s fees, as well as gain exclusive access to special NFTs in the future.
The League of Kingdom’s success has not gone unnoticed, attracting funding from several VCs and Gamefi investors over the last few months. Hashed, Andreessen Horowitz (a16z) and Binance Labs were among a long list of notable investors that participated in its recent $3 million raise.
The League of Kingdoms Arena describes itself as a free-to-play MMO game designed with the average user in mind. As a result, players do not need to have crypto knowledge in order to participate.
The $LOKA token is a part of a grand plan of turning the League of Kingdoms into a full blockchain gaming metaverse, which also includes an introduction of a commerce platform to act as an NFT bazaar and even the potential for eSports integration.
Commenting on the LOKA launch, CEO of Hashed VC, Simon Kim, said: “We are proud to be an early backer of League of Kingdoms and the team’s journey to build a fundamentally strong game that effectively marries the best of both web2 and web3 gaming. I do not doubt that League of Kingdoms will onboard the next millions of gamers who will come for the game’s appeal and be staying for crypto.”
On the other hand, Chan Lee, Co-Founder of League of Kingdoms, expressed his excitement for the achievement after believing in P2E gaming when many people doubted its potential.
“Now, with our friends from Axie Infinity breaking the floodgates open, we’re ready to show the wider P2E community what we’ve been working on!” Lee added.
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