sponsorship collaborations Fortnite It’s a regular competition. However, after the company filed for bankruptcy protection under the US Bankruptcy Protection Program on November 11, 2022, TSM seems to have decided to sever all ties with FTX. The assets hold the naming rights to the popular outfit until it is liquidated. Due to lack of finance, it seems that TSM is on the verge of ending this partnership with FTX.
TSM’s professional Fortnite duo Shane “EpikWhale” Cotton and Nathan “Reet” Amundson were featured in the official broadcast of the 2022 Fortnite Champion Series (FNCS) Invitational. However, the FTX logo on TSM jerseys is conspicuously taped, perhaps indicating the end of this naming rights collaboration. The FNCS Invitational is a 50-team two-day event featuring 12 separate games with a $1 million prize pool, and yet the tournament is attracting attention for all the wrong reasons.
Also Read: ACEU joins Sentinels as a member of the Valorant streaming community
TSM said it would invest resources when announcing its partnership with FTX in June 2021.”esports and gaming in the next five years”. One of the goals of the organization “accelerating existing global reach” By opening several offices all over the planet, including Asia, Europe, and South America, whose plans have come to a standstill. Therefore, it seems very likely that TSM will try to break through this corporate name partnership merger to strike a different sponsorship deal with a different brand next year.
Also Read: iiTzTimmy joins 100 Thieves as part of the Valorant streaming community
TSM FTX bankruptcy: How will it affect other partner organizations?
FTX also had partnerships with other brands along with TSM. Heat (arena naming rights), MLB (including referee patches) and Mercedes-AMG Petronas The racing team in F1 has left without sponsorship income, especially since it filed for bankruptcy protection by FTX. FTX’s chances of surviving bankruptcy just got worse BinanceThe world’s largest crypto exchange company that originally signed A non-binding agreement to purchase FTXfinally took it out.
TSM initially used funds from FTX sponsorship to attract better-paid star players to upgrade their player roster in various tournaments, add teams in more esports leagues such as CS:GO, Overwatch, and Rainbow Six Siege, and open offices in regions such as China, Europe, and South America. The original deal signed last year saw FTX USA partner with TSM regarding the US market, while FTX.com has formed an international partnership with the team but may seek to terminate the deal.
This phenomenon is not new to esports, however, as Crypto.com has signed an agreement to become the global crypto partner of the Twitch Rivals esports league. However, Crypto.com leadership decided to end the deal earlier this year. Since then, both companies have agreed to terminate the deal by the end of 2022. It will be interesting to find out if TSM and FTX decide to take a similar approach.
Also Read: NRG signs former FPX Valorant sentry ahead of VCT 2023