Avalanche Replaces FTX as Esports Giant TSM’s Blockchain Partner
The blockchain network Avalanche has replaced doomed crypto empire FTX as an exclusive blockchain partner of esports platform TSM.
According to a press release by TSM on Tuesday, March 7th, it will leverage the Avalanche blockchain network to bring its competitive gaming platform Blitz on-chain and create a whole new experience for players, fans, and creators.
T…S…M! T…S…M! T…S…M!@TSM #ChoseAvalanche as their exclusive blockchain partner, and will be launching a Subnet to bring @theblitzapp, the competitive gaming platform, on chain.
Buckle up, because this collaboration could revolutionize gaming.@GamingOnAvax pic.twitter.com/4NMQMhkugT
— Avalanche 🔺 (@avalancheavax) March 7, 2023
30 Million Blitz users to Experience Web3
TSM is a professional esports gaming company and Blitz, its competitive gaming app, currently has 30 million users. As part of this partnership, Avalanche will be named the “Exclusive Blockchain Partner” for TSM and Blitz. The amount of the partnership has not yet been disclosed.
Blitz’s users should now gear themselves to enjoy the completely new experience of web 3 gaming as the app will be launched on Avalanche blockchain protocol.
Inspired by sharding, subnets are scaling solutions for Avalanche. Each subnet is a sovereign blockchain that defines its own rules and tokenomics, and is validated by a dynamic subset of Avalanche validators working together to achieve consensus.
Blitz subnet will use Avalanche’s native AVAX crypto for gas fees, “burning a portion of $AVAX fees with every transaction that gamers make.” TSM also has plans to evolve the Blitz subnet to an elastic subnet that will enable app users to act as subnet validators.
TSM will host Avalanche-branded tournaments on the Blitz and leverage the Core app, an all-in-one web 3 wallet for the Avalanche ecosystem, for payments and to store, sell, and purchase digital assets.
John Wu, president of Ava Labs, commented:
“Partnering with TSM brings truly innovative gaming experiences to players around the world. Avalanche’s fully customizable subnets were created to help organizations like TSM push the boundaries of what is possible for gaming with sub-second transaction speed, scalability, and security for millions of users.”
Avalanche has replaced FTX as TSM ended its partnership with the bankrupt crypto exchange in November 2022. TSM’s deal with FTX was once the largest in esports history that was valued at $210 million. As part of this sponsorship, the esports giant embedded FTX branding across its organization, teams, and players’ social media profiles.
Andy Dinh, founder and CEO of TSM, stated:
“I am excited to partner with Avalanche on experiences that will add value to our users and fans. They are an authentic leader in this space, and together we share a long-term vision of building products that are authentic and beneficial to our community.”