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.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.