The US team TeamSoloMid (TSM) signed a 10-year, $ 210 million naming rights contract with FTX Trading Limited and West Realm Shires Services Inc., owners of the FTX and FTX cryptocurrency exchanges. US, according to a Article from The New York Times.
TSM will now be renamed “TSM FTX” in all titles in which the organization competes, including League of Legends, VALORANT, Apex legends and else. TSM will use the association’s money to expand globally, including new offices in South America, Asia and Europe, and invest in mobile games and other platforms. It also acquired a million dollars worth of FTX Token (FTT) to distribute to its employees and players.
The deal is one of the largest endorsement deals known to an esports team.
It came to fruition as other digital currency and product companies expand into esports. Last week, Dignitas announced an alliance with digital bank QNTMPAY and G2 Esports partnered with Bondly, a platform for non-fungible tokens. Several gambling websites that use cryptocurrencies as a form of gambling have also started sponsoring gaming creators and influencers on Twitch.
“Taking a huge industry and then reinventing it in the digital age – that’s what esports is to sports, and it’s pretty much what cryptocurrencies are to investment and finance,” stated FTX CEO Sam Bankman-Fried, to the NY Times.
FTX and West Realm Shires operate two cryptocurrency exchanges, and FTX.US ‘turnover has exceeded $ 6 billion in the last 30 days. At those exchanges, clients can trade currencies like Bitcoin and Ethereum, but they also have access to less valuable currencies, like Dogecoin, which has fascinated social media in recent months.
TSM and its parent company, Swift, are considered among the most valuable teams in the esports world.
In December, Forbes calculation that TSM is worth $ 410 million and that Swift generates $ 45 million in annual revenue, 50% of which comes from esports. Other Swift investments include guidance programs and websites for LOL and other titles, such as the Blitz app, ProBuilds, and LoLCounter.