Team SoloMid has signed a title deal with cryptocurrency exchange platform FTX. The successful multi-game organization has been rebranded as TSM FTX.
Early reports put the value of the agreement at $210 million. The deal will last for at least five years and includes several marketing efforts in addition to the title change.
The announcement comes as Team SoloMid begins expansion efforts into new developing markets. Southeast Asia, South America, and India are some of the fastest-growing regions in esports. TSM FTX will also begin expanding into mobile esports, which are exceedingly popular in those areas of the world.
TSM has also agreed to purchase $1 million worth of FTX’s proprietary cryptocurrency, which will be distributed to players and staff.
It’s time for a new era of TSM.
— TSM FTX (@TSM) June 4, 2021
The American organization sponsors players in League of Legends, Valorant, Fortnite, Rainbow 6 Siege, Smash Bros, Apex Legends, chess, and more. TSM also boasts an extensive stream team. FTX is based in Hong Kong but offers its digital service across the globe. FTX also brokered a title deal with the Miami Heat basketball team in April.
Esports title deals have made a resurgence in recent years. Russian sponsor Gambit recently signed a Dota 2 naming deal with French football club AS Monaco. A similar arrangement exists between Chinese organization LGD and Paris Saint-Germain. Last month, Dignitas announced a partnership with digital bank QNTMPAY for its League of Legends Championship Series squad.
Esports and cryptocurrency occupy similar positions in the general market. They are both innovative disruptors that are slowly gaining ground in the mainstream. Now that international offline play has become feasible again, more landmark deals like TSM FTX should be announced in the near future.