![]() That has led to tremendous business for cryptocurrency exchanges, which help consumers buy and sell digital currencies through a so-called digital wallet, taking a cut of each sale. The value of cryptocurrencies like Bitcoin have also skyrocketed in the last few months even with a recent downturn, one Bitcoin was worth more than $36,000 on Thursday, up from just under $10,000 a year ago. More than 57 million people in North America watched an e-sports event in 2020, according to Newzoo, a gaming analytics firm. Interest in video games has increased significantly over the past year - including in e-sports, where some professional players make millions of dollars and vie for championships in leagues devoted to games like Fortnite and League of Legends. The agreement between the two companies comes as both cryptocurrencies and gaming have taken on new relevance during the coronavirus pandemic, with people stuck at home searching for online entertainment and ways to invest and make money, sometimes in unconventional ( and risky) ways. Of course, the big difference here is that TSM is changing its actual name - the equivalent of the New England Patriots, who play in Gillette Stadium, rebranding as the New England Patriots Gillettes. ![]() ![]() It is similar to recent transactions like Citibank’s deal with the Mets ($21 million per year), MetLife’s contract with the Giants and Jets (about $19 million per year) and the British bank Barclays’s agreement with the Nets ($20 million per year). The annual $21 million payment is larger than many deals corporations have struck with traditional sports teams in recent decades to have their names attached to stadiums and arenas. ![]() FTX, an up-and-coming Hong Kong-based cryptocurrency exchange, will foot the bill. On Friday, TSM, a competitive video game organization based in Los Angeles, announced that it was changing its name to TSM FTX - and getting paid $210 million over 10 years in the process. The conversation started with a direct message on Twitter from one 29-year-old entrepreneur to another: “Yo, what’s up?” It ended with one of the more lucrative naming rights deals in recent sports history. ![]()
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