Crypto exchange FTX spends $210 million to rename the most valuable pro e-sports team
June 4, 2021, 9:43AM EDT
1 min read
Crypto exchange FTX is spending $210 million to rename a professional e-sports team from TSM to TSM FTX, according to the New York Times.
The ten-year deal will set the exchange back $21 million each year, representing one of the biggest naming rights deals in the e-sports industry.
“Taking a huge industry and then reimagining it in a digital age: that’s sort of what e-sports are to sports, and it’s sort of what crypto is to investing and to finance,” FTX CEO Sam Bankman-Fried told the Times.
According to Forbes, now TSM FTX was the most valuable professional e-sports team of 2020 with a value of $410 million. It outranked Cloud 9, which participates in games such as League of Legends, and 100 Thieves, a company founded by a former Call of Duty champion.
In April, FTX partnered with the Miami Heat basketball team to become its official crypto exchange partner. That deal was made between the NBA team, FTX and county officials. It was valued at $135 million, with around $90 million of that going to Miami-Dade county over a 19-year period.
Earlier this month, Pinata, the NFT media company known across the industry as a prominent leader in NFT storage and management, announced the release of their newest product feature dubbed ‘Submarining.’
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
While many considered highly-priced NFTs such as Bored Apes Yacht Club (BAYC) could be sound investments with decent returns, the lack of a proper pricing mechanism for NFTs could hamper the long-term development of the space. The absence of reference pricing may be a barrier to entry for investors.