FTX Exchange Buys 10-year Naming Rights to eSports Team, TSM, for $210 Million
The largest deal in esports history also involves TSM FTX purchasing $1 million in FTT to distribute the cryptocurrency to its players and employees.
Cryptocurrency exchange FTX has signed a 10-year, $210 million naming rights agreement with professional e-sports team TSM. The deal has been said to be the “largest” in esports history.
In December, Forbes valued TSM at $410 million, the most valuable professional e-sports team of 2020.
TSM will now go by “TSM FTX” across all titles the organization competes in, including League of Legends, Apex Legends, and others.
The e-sports team will use the funds to expand globally that involves new offices in Asia, South America, and Europe and will also invest in mobile gaming and other platforms, as per the official announcement.
In addition, TSM is purchasing $1 million of FTX Token (FTT) to distribute among its employees and players. FTT is a $3 billion market cap coin trading at $34.62 as of writing. FTX CEO Sam Bankman-Fried told the Times,
“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.”
This partnership will also be featured in a soon-to-be-announced major philanthropic initiative focused on developing financial literacy.
Just this year, FTX signed a 19-year long deal with Miami-Dade County for the naming rights of the Miami Heat arena for $135 million. In April, American football quarterback Trevor Lawrence also signed an endorsement deal with FTX, and as part of it, he received his first payment exclusively in crypto.