Crypto and e-sports are two fast-growing sectors. The two worlds are working together thanks to TSM and the major crypto platform FTX. Find out why and what this union means for the two companies!
A unique partnership between e-sport and crypto
Sport and the world of cryptocurrencies had already met on several occasions for various collaborative projects. Until now, these have generally been partnerships around NFTs. NFTs are non-fungible tokens, a little different from other crypto assets. Today we are witnessing a real turning point in the relationship between sport and cryptocurrencies.
FTX has just finalised an agreement with TSM that is extremely lucrative and beneficial for both companies. The major American e-sports organisation TSM has agreed to link up with FTX, receiving nearly $210 million over 10 years. As a result, the group has changed its name to TSM FTX. According to the New York Times: "The $21 million annual payment is larger than other deals that companies have struck with traditional sports teams in recent decades to have their names associated with stadiums and arenas."
E-sport and crypto: common ground
And yet the collaboration between e-sport and crypto is not all that surprising. Indeed, there are many elements that unite these two worlds. One of them is the graphics cards, also known as GPUs, used by both disciplines. GPUs are used to mine cryptocurrencies, and are currently an indispensable tool for a large number of them. These same graphics cards are useful for many video games and therefore also for e-sport.
Linking crypto and e-sport, details of the project
TSM FTX, e-sport and crypto
For Andy Dinh, founder and CEO of TSM, the alliance between the two companies was an obvious one. When I met Sam Bankman-Fried, I knew immediately that we had to work together", he says. In order to bring the two worlds together as effectively as possible, it has been agreed that each of the company's players and employees will receive various cryptocurrency tokens. What's more, in total, the company will be in possession of almost $1 million worth of FTTs. Enough to launch the company considerably towards very fruitful returns.
As mentioned, however, this is not the first alliance between sport and crypto. In April, FTX signed a handsome $135 million deal with Miami's NBA. FTX Arena will be the team's official stadium for the next 19 years.
The benefits of combining e-sports and crypto
This partnership opens up many possibilities for future investments and projects between the two worlds. In particular, these are markets that are currently experiencing very strong growth. E-sport brings together millions of players around the world. Cryptocurrencies and blockchains are also booming, but really need to be boosted and diversified. This diversification of blockchain activities could therefore enable a large number of cryptocurrencies to become more accessible and therefore more easily adopted by the general public. TSM also aims to further internationalise its activities through this partnership. In particular, by opening offices in Europe, South America and Asia.
An educational role
In addition to its entertainment role, TSM FTX's other major objective is to bring an important educational dimension to this project. This is particularly important for the public and the millions of customers of the two companies. Acquiring knowledge of the financial and investment world has become the company's new battle through e-sport and cryptocurrencies. This is a real desire on the part of the founders to create a more social dimension to the company's activities. A number of other project announcements are expected to follow the official launch of this TSM FTX union.
FTX, the benchmark crypto platform
FTX is a rather young cryptocurrency platform. Created in 2019 by co-founders Bankman-Fried and Gary Wang, FTX is a unique platform. Its unique feature is that it offers its very large number of customers the chance to bet on international events, such as the US presidential elections. It is therefore a major player in the cryptocurrency sphere, with daily volumes generated amounting to millions of dollars. Of course, the platform primarily offers the most traditional trading services.
How FTX works
The platform's activities
The platform was launched by Binance, a major player in native tokens, FTT and FTX. The trading platform has also created its own tokens. The platform's preferred language is English, and the French translation is not perfect, but it's done well enough for you to understand how to use it. It's no different from any other trading platform on the market. You do, however, have the opportunity to chat in the Telegram messaging interface, in French, in discussion groups.
Foolproof security
The platform maintains a confidentiality and security policy that is judged to be the highest in the market. After all, these are very important factors when using a trading platform! It should be noted that no account created on a platform is safe from hacking. Cryptocurrencies are certainly booming, but they are also very vulnerable to malicious users or organisations.
You also have the option of creating a sub-account, which is unique for a platform like this. This sub-account allows you to separate your different types of crypto assets into multiple wallets. This makes it easier to trade, sell and buy your currencies. There is one point to be made here, however. If you have several wallets, you need to make sure that the passwords for each one are different from one wallet to another.
As for the fees charged by the platform for transactions, these are not very expensive, but they are certainly not the most competitive on the market. Specifically, the maker fee is 0.02%, while the taker fee is 0.07%.
All in all, FTX is a well-established crypto platform with some very unique activities. As a result, the platform offers its many customers a good alternative to Binance and other giants of the crypto sphere. However, thanks to this attractive collaboration with TSM, it is likely to become a formidable competitor to these major market platforms.
