Agreeing to one of the largest esports deals in recent history, TSM announced a deal with growing cryptocurrency exchange FTX worth $210 million over 10 years. Going forward, TSM will now be known as "TSM FTX" across all their teams throughout their organization. For many in the esports and crypto industries, this is a massive decision, and an open sponsorship of this magnitude will most likely have major effects on sponsorships and development within the esports industry, as well as in the burgeoning crypto market.
TSM is largely considered to be the most valuable esports organization in North America, and FTX has grown in popularity as an option for individuals seeking to explore and enter into crypto for the first time. While many are impressed and astounded with the scale of a sponsorship deal such as this, some are more concerned with the amount of money being thrown around, and how a nascent industry like esports will handle such a large influx of attention and growth. Esports and crypto have been seen by many to have the potential to become digital empires, and $210 million is certainly a step towards growing those empires.
Even with a major move like this, TSM has already faced pushback. Riot Games has announced TSM will not be permitted to use their new name in League of Legends and Valorant esports events, citing activation restrictions in place related to cryptocurrency and crypto exchanges. From the fan perspective, many have objected to the sponsorship, citing increasing reports of cryptocurrency's potential effects on climate change and the environment. Regardless, TSM and FTX's partnership is history in the making for both esports and cryptocurrency, and the ramifications of this deal could have effects that last for years to come.