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FTX launches the NFT sports platform and signs a seven-year deal with the LCS esports league

FTX and Dolphin Entertainment are collaborating to launch an NFT marketplace. The aim is to target companies in sports, entertainment, gaming, esports, and charity.

FTX to introduce NFT based platform

They are introducing an NFT platform focused on sports and entertainment. In addition to a new partnership with the League Championship Series LCS, a professional esports league.

According to Variety, FTX U.S. is partnering with Dolphin Entertainment to launch a “large scale” NFT marketplace. This marketplace will cater to brands in the sports, entertainment, gaming, esports, and charity sectors, 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 U.S.

He further went on to say, “There are several items on the horizon that we can’t wait to launch together.”

FTX sponsors League of Legends

Dolphin Entertainment is a Florida-based television and film production company that controls many independent public relations and marketing agencies that appeal to the new NFT marketplace’s segments.

Although there are few details about the launch date or the utilized blockchain, Dolphin will collaborate with FTX to brand, produce, and promote the NFT platform. Additionally, FTX will supply the backbone with crypto exchange services and blockchain technological advancement.

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

The Sponsorship Deal

In June, FTX agreed to pay $210 million for the name rights to the esports brand “Team SoloMid”. However, this immediately prohibited the squad from using the FTX emblem in Riot Games-hosted esports tournaments since it breached its crypto exchange partnership standards. Outside of North America and on social media, the team can use the logo presently.

The strategic agreement is Riot’s largest sponsorship deal for an esports league to date. FTX’s financial expenditure, on the other hand, remains secret at this time.

“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,” according to the release.

FTX to also sponsor the awards

The LCS Most Improved Player Award, which is voted on every season, will also be sponsored by FTX.

The latest agreement joins FTX’s long list of sponsorships this year. This includes the MLB, a $135 million 19-year brand rights agreement 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.

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