TSM, the esports org also known as Team SoloMid, is partnering with Swift to create a crypto sub-network on Avalanche to facilitate esports transactions and tournaments.
TSM, also known as Team SoloMid, is creating its own crypto sub-network on Avalanche with the purpose of working for esports transactions and tournaments, according to a statement released by TSM parent company Swift.
The announcement comes after the FTX collapse and $210 million naming rights deal that did not work out. Swift is building the blockchain sub-network, called the Blitz Subnet, for TSM events.
TSM goes into crypto
TSM and Blitz will use crypto payments firm Core, which will allow players and fans to store, sell, and buy digital assets. It has not yet been confirmed if those assets will be NFTs. The Blitz Subnet will be using Avalanche’s AVAX token for gas fees.
TSM is known for its League of Legends professional team and Blitz offers in-game overlays for League of Legends as well as for AAA games like Valorant, Apex Legends, and Teamfight Tactics.
To assist organizations in achieving sub-second transaction speed, scalability, and security for millions of users, Ava Labs, the company behind Avalanche, developed customizable subnets that extend the limits of gaming.
According to TSM and Swift’s CEO, Andy Dinh, TSM’s strategy for Web3 entails developing authentic products that add value over time, and TSM preferred Avalanche over other blockchain networks because of Ava Labs’ high level of collaboration.
Dinh stated that locating cooperative teams is essential to achieve success, as TSM ventures into cryptocurrency, amid the escalating growth of the esports industry, with industry analysts projecting that esports will surpass traditional sports in terms of popularity in the future.