The bitcoin and cryptocurrency exchange, FTX, will launch a market for non-fungible tokens (NFT), focused on sports and entertainment. The company also announced the sponsorship of the League Championship Series of the League of Legends video game.
Regarding the market for NFTs, the exchange specialized in derivatives, partnered with Dolphin Entertainment, a company of marketing. The tokens that will be commercialized will cover areas such as cinema, television, music, games, eSports, gastronomy, lifestyle and even charity .
“Dolphin will develop and execute the creative branding, production and marketing of these programs together with FTX, who will use its crypto exchange and technical development services as the backbone of the market,” reported the companies through
Brett Harrison, president of FTX.US, the exchange’s US subsidiary, praised Dolphin’s reach in pop culture. “We are excited to build a market for NFT with Dolphin, both because of their ability to access content, as well as because they are leaders in public relations and marketing of influencers for all major areas of entertainment. ”
For his part, Bill O’Dowd, CEO of Dolphin Entertainment believes that the NFT trade goes far beyond be “a list of digital products” . For him, NFTs are “the future of fandom for sports and entertainment brands and franchises.”
The executive assures that, at present, it is “complicated” to acquire NFT. In that sense, he said that they will offer a service in which users have the wallets and tokens in the same place , so that they can pay with cryptocurrencies, cards credit or fiat money.
The union between these two companies occurs just when last July, the NFT industry managed to raise USD 2.5 billion during the first half of 2021, as reported by CriptoNoticias.
FTX and its sponsorship of League of Legends
Another important commercial area that the exchange has dedicated itself to is Major League Baseball (MLB) sponsorships and now it does the same with eSports.
In addition, FTX reached an agreement with Riot Games, creator of the video game League of Legends (LoL), to be its sponsor for the next 7 years.
In that sense, the exchange will show its mark on the broadcast of the League Championship Series (LCS), the highest professional League of Legends competition in the United States and Canada, and will also be the one that provides the prizes to the most valuable players in the tournaments.
According to a statement from Riot Games in each LCS association, consider the sentiment and interests of their fans .
According to the metrics obtained by the company, the players of LoL has in direct interest on cryptocurrencies and that is why they decided to partner with FTX.
However, some expressed their dislike of the agreement . One of those was content creator and LoL gamer Fernando Cardenete, who wrote on his Twitter account: “I can’t imagine consensus, even among Riot Games’ own workers, around the decision to allow FTX sponsorship.”
Some LCS sponsors have had problems with LoL fans. For example, last year NEOM, a city project which is being planned to be built in northwestern Saudi Arabia, became a sponsor of the game. That generated a rejection in the community because that country is against the LGBTI collective .
In fact, the pressure of the community gamer , that the company behind LoL, should end the association with NEOM .