Prominent derivatives exchange FTX has stitched a sponsorship deal with decentralized gaming startup Yield Guild Games [YGG]. Under this partnership, the platform is all set to sponsor players in the NFT-powered blockchain game Axie Infinity. In short, Axie Infinity players from developing economies will receive scholarship funds under FTX’s sponsor-a-scholar program.
According to the official press release, the funds will include the expenditure related to “breeding” Axies—monster NFTs that players use to play the game. This deal grants the exchange lifetime naming rights to sponsor 137 players from developing countries.
Sam Bankman-Fried, founder and CEO of FTX was quoted saying,
“As fans of both gaming and making a positive impact, we’re excited to partner with Yield Guild Games who have created a truly unique way for new audiences to gain exposure to crypto.”
Axies are essentially yield-generating non-fungible token battle pets that are needed to play the game. Yield Guild Game has stepped up to loan NFTs to new players who cannot afford to purchase their own, under a revenue-sharing agreement. Besides, the Ethereum-based video game has rapidly emerged as one of the most popular crypto games of late. In midst of reeling COVID pandemic and economic uncertainties, Axie is working towards providing players, especially those from developing countries, an opportunity to earn just by battling monsters using NFT characters.
FTX spreading its wings in gaming space
Over the past couple of months, FTX has been expanding its footprint across the professional sports and gaming realm. This popular crypto and derivatives exchange fronted by ambitious billionaire Sam Bankman-Fried had earlier secured an astonishing $900 million in a Series B funding round at a valuation of $18 billion.
It has fortified its position in the space after striking a slew of sponsorship deals with a number of live and virtual sports leagues in 2021. The latest news comes in the heels of some of the high-profile sponsorship deals with sports brands including Major League Baseball [MLB] and NBA’s Miami Heat.
We're beyond excited to team up with Dolphin Entertainment to create an NFT marketplace for major sports and entertainment brands—including film, television, music, gaming, eSports, culinary, lifestyle and charity industries.— FTX (formerly Blockfolio) (@blockfolio) August 2, 2021
Dolphin Entertainment 🤝 FTXhttps://t.co/RgKXuWfViF
The platform recently revealed its plans to roll out a nonfungible token platform focused on sports and entertainment in addition to forging a new sponsorship deal with professional esports league the League Championship Series LCS. For this, FTX had teamed up with Dolphin Entertainment. Brett Harrison, who happens to be the President of FTX US had stated,
“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.”