FTX launches the NFT sports platform and commits to a 7-year partnership with the LCS esports league.

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FTX is collaborating with Dolphin Entertainment to launch an NFT marketplace aimed at brands in industries such as sports, entertainment, gaming, esports, and charity.

FTX is launching a nonfungible token (NFT) platform focused on sports and entertainment, as well as a new sponsorship with the League Championship Series LCS, a professional esports league.

According to Variety, FTX US is teaming up with Dolphin Entertainment to create a “large scale” NFT marketplace that will target brands within the sports, entertainment, gaming, esports and charity industries to name a few.

“We are excited to build marketplaces with Dolphin, both because of their ability to access content and IP, but also because they are leaders in public relations and influencer marketing for every major vertical of entertainment,” said Brett Harrison, president of FTX US.

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“There are several items on the horizon that we can’t wait to launch together,” he added.

Dolphin Entertainment is a Florida-based TV and film production company that owns several independent PR and marketing firms that service the sectors outlined for the new NFT marketplace.

There are few details on the launch date or the blockchain that will be used; however, Dolphin will collaborate with FTX to provide the branding, production, and marketing of the NFT platform, while FTX will provide the backbone with crypto exchange services and blockchain tech development.

FTX is also a sponsor of Riot Games’ League of Legends professional LCS esports league (LoL). According to a LoL announcement on August 4, the exchange has signed a seven-year sponsorship deal.

FTX previously signed a naming rights deal in June to sponsor esports brand Team SoloMid for $210 million. However, the team was promptly barred from donning the FTX’s logo in esports competitions hosted by Riot Games, as it violated the game developers’ guidelines about crypto exchange partnerships. The team is currently allowed to bear the logo outside of North America and online via social media.

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The new partnership is the largest sponsorship deal Riot has signed for an esports league, however, FTX’s monetary outlay is undisclosed at this stage.

“Starting this weekend, fans will notice FTX branding on the LCS broadcast around the most valuable currency in League of Legends: Gold. Player net worth, total team gold and those rollercoaster gold graphs will all be presented by FTX,” the announcement read.

In addition, FTX will sponsor the LCS’s most improved player award, which is voted on each season.

The latest collaboration adds to FTX’s list of sponsorship deals this year, which also includes Major League Baseball, a $135 million 19-year naming rights deal for the Miami Heat’s home arena, and a $210 million naming rights deal for Team SoloMid.

FTX is a well-known cryptocurrency and derivatives exchange led by ambitious billionaire Sam Bankman-Fried. The company recently raised $900 million in a Series B funding round at a $18 billion valuation.

 

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