A $210 Million Naming Rights Deal for TSM Sealed by FTX
The reports have just come in that FTX and Team SoloMid (oTSM) have recently formed a partnership. The sources reveal that the partnership between the two entities is a multi-year one. FTX is a cryptocurrency exchange and Team SoloMid (oTSM) is a global esports brand.
As a result of the partnership, the cryptocurrency trading exchange, FTX now has exclusive naming rights for TSM. As the deal between the companies a multi-year, therefore, FTX would have naming rights to the team for several years.
The details around the recent partnership between the two companies were shared on Thursday, June 10, 2021. The partnership deal between the two companies turned out to be an expensive one. FTX has paid a whopping price of $210 million in order to acquire the naming rights for the esports brand.
Following the successful $210 million deal, FTX has gone ahead and has changed the name of the team to “TSM FTX”.
There are several benefits that the players at TSM FTX would gain from FTX. FTX has announced that as part of the deal, it will be distributing cryptocurrencies among the employees and players. This company has done it because of the recent partnership that has struck between the two firms.
As part of the deal, TSM FTX will also go ahead and carry out purchase FTX cryptocurrency exchange’s native tokens, FTT. The sources have revealed that the company would be purchasing $1 million worth of FTT as part of the deal.
At the time of writing, the price of a single unit of FTT token is $34. Therefore, by spending $1 million, the company purchase a total of 29,400 tokens.
At the time of writing, the market value of the TSM team is $410 million. It is currently considered the most valuable and popular esports brand in the United States.
Bankman-Fried has also talked about the recent partnership deal that the FTX exchange has struck with “Team SoloMid”. Bankman-Friend is reportedly the CEO of FTX, which is a cryptocurrency exchange based in the United States.
Bankman-Fried stated that the latest partnership between the two companies would turn out to be very promising for FTX. With this partnership, FTX would be able to gain more ground and popularity in the United States market.
Bankman-Fried stated that now that they have formed a partnership, it is up to the companies to maintain their partnership. If the companies find it too difficult to manage, then the companies could always go ahead and break the partnership.
It is completely up to the firms as to how long they want the partnership to go on. This way, not only FTX but TSM would be able to increase its fan following. There would be several more opportunities for TSM to grow and shake the entire world with their surprising team.