According to reports from The New York Times, FTX Trading Limited and West Realm Shires Services Inc., owners of the cryptocurrency exchange, will make their entry into the esports industry with a deal valued at US$210 million, which includes a rebrand revealed on 4th June.
Through a curious presentation posted on their social media, TSM has presented their new identity now being known as TSM FTX, marking a new era for the rosters they field in games such as League of Legends and Valorant.
Both cryptocurrencies and gaming have taken on new relevance during the coronavirus pandemic and the synergies between both are becoming apparent with a number of esport organisations moving into the Non-Fungible Token (NFT) space.
Sam Bankman-Fried, CEO of FTX, mentioned that he quickly saw the parallels between his company and TSM after a series of messages with Andy “Reginald” Dinh, the famous TSM co-founder and current CEO, who also took a big role in the rebrand presentation.
(Picture: TSM FTX)
“Taking a huge industry and then reimagining it in a digital age: that’s sort of what esports are to sports, and it’s sort of what crypto is to investing and to finance,” said Bankman-Fried.
With this, TSM FTX has set a new benchmark for naming rights and one which other esport organisations will surely look and hope to emulate. TSM are not the first organisation to sign such a deal, NRG recently renamed their Rocket League team - The General NRG - in partnership with The General Insurance company.