The cryptocurrency engagement of the esports organization TSM is not yet finished. TSM is still focused on the bigger picture despite the strong esports player being in the middle of the aftermath of the FTX scandal late in the previous year.
The organization is entering into a new business arrangement with blockchain Avalanche, which will involve creating its Avalanche-based subnet and other activities.
Let’s look at the fallout that TSM has seen as a result of the FTX agreement, as well as the preliminary information made available regarding their new alliance with Avalanche.
TSM’s New Agreement
The relationship between Avalanche and the esports organization Team SoloMid (TSM) and its gaming platform subsidiary, Blitz, was detailed in a statement (1) made by Avalanche on Tuesday.
TSM is one of the most legacy organizations in the game, having been around for a dozen years despite the competitive esports scene being relatively young.
TSM is now competing in well-established games such as League of Legends, Apex Legends, Dota 2, R6S, Valorant, and many more.
Avalanche will become the Exclusive Blockchain Partner for both businesses as a result of the new contract, and as a result of this move, Blitz will be able to build out their very own Avalanche Subnet.
At the time of writing, Avalanch is trading at $ 15.77 as per the chart below as visible on investing.com (2).
It is not TSM’s first time dancing with a partner from the crypto-endemic community. The esports organization had a much more centralized partner in the past, a company no longer exists known as FTX.
This partnership was founded in the thick of the bull market craziness in the middle of 2021 and was the first of its type.
It is heartening to see that the esports organization is willing to continue to compete in this market despite the failure of FTX and the backlash that has followed in its wake.
What Lies Ahead for Gaming and Esports
Following the implementation of FTX, there has been a widespread reset in the partnership and sponsorship structures governing entertainment and sports transactions.
The extravagant spending by FTX has caused well-respected centralized exchanges to feel the heat (for more reasons than simply sports deals), and it has caused brands and talent to be more careful in their approach to cryptocurrency, which is exactly what should have happened.
As we look to the future, there is no doubt that one could make the case that the creators and supervisors of blockchains themselves present the greatest opportunity for partnership deals in the sports and entertainment industries.
This is because blockchains typically feature significantly increased levels of transparency, making it simpler to identify dishonest participants.
At this point in 2023, GameFi has been an intriguing topic of conversation in an environment that has been relatively unchanged, other than average market prices paired with distinctive narratives.
Chains like Avalanche, Polygon, Solana, Cardano and many more are all working to carve out their lanes in creative environments centered around sports and entertainment.