TSM cashes in big time via a US$210 million deal with cryptocurrency’s FTX
Better than the New York Yankee Yankee Candles
What’s in a name? Well, if your name happens to be American esports organization Team SoloMid, the answer is a punch-ticket to a US$210 jackpot. For years, you knew Team SoloMid as TSM. Moving forward, get ready to refer to it as TSM FTX.
The name change has been sparked by a deal with Hong Kong’s cryptocurrency enterprise FTX exchange. Recognizing the booming growth of esports, FTX reached out to TSM as a way to get its name out there, instantly building brand recognition. And, as one of the most successful esports brands in North America and the world, TSM is definitely a name that millions of esports fans know.
The organization has squads in 10 video game leagues, giving it a reach that traditional sporting organizations can never hope to match. Those leagues include ones for VALORANT, League of Legends, and Apex Legends.
To truly wrap one’s head around the deal, step back and ask yourself how weird it would be for a legacy sports team like the Montreal Canadians to cash in on its brand-power by hooking up with, say, a bank. Changing the team’s official name to the Bank of Montreal Montreal Canadians would incite riots in Le Belle Province.
Just as weird would be a wildly successful specialty candle maker turning its sights no baseball for a deal that give’s the world the New York Yankee Candles. Don’t laugh, because more than ever it’s obvious that everything truly is for sale.
TSM—ahem, TSM FTX—will be using its new cash infusion to make inroads on the global esports landscape. In addition to exploring new frontiers in mobile game and emerging platforms, the organization is hoping to open new offices in South America, Europe, and Asia.
FTX oversees crypto exchanges where investors can put their money into emerging currencies like Bitcoin, Ethereum, and the much-buzzed about Dogecoin.