Binance Set To Acquire FTX: What Does This Mean For The eSports World?

todayNovember 29, 2022


FTX has spent a lot on Web3 investments, along with eSports deals. That being said, the future looks to be somewhat unclear. Binance made the agreement to buy FTX after the latter experienced a liquidity crisis. The deal doesn’t involve the FTX US business as this operates separately.

This news is industry-shaking to say the least and it looks like Binance have now agreed to acquire FTX. During the bull market of 2021, which extended into 2022, FTX made a lot of moves when you look at the NFT marketplace. They spent a lot of money on things like sports sponsorships along with their own gaming infrastructure division too.

They even went as far as to launch a $2 billion venture with an investment arm. Now however, it seems as though their fortunes are fading as the market is declining. That being said, it looks like their fortunes have turned around.

Source: Pexels (CC0 License)

The NFT and FTX Marketplace

The NFT and FTX marketplace has included some exclusive drops in the partnership with Stephen Curry. They have also teamed up with the music festival known as Coachella as well. This was actually established by FTX US. This is another company and it does not operate under

the global business of FTX. The founder, Sam Bankman-Fried has released a statement saying that today, the FTX US company has not been impacted by the Binance deal in any way

Talking of eSports and Investments

If you look at eSports and the investments that have been made, you will soon see that things have changed dramatically. It is entirely possible that the eSports sector could get a boost from this, especially when you look at the current casino movement. If you want to find out more about that, then check out this guide to new eSports casinos.

Of course, in regards to FTX, it looks like their ambitions are somewhat unclear. Are FTX US going to carry on under their current name even though Binance have gone on to acquire FTX.com? Maybe they are going to rebrand and retain the product that is operating independently from Binance. Even though this question is yet to be answered, the FTX NFT marketplace is not actually going to be part of the deal that is being conveyed.

The Gaming Initiatives

FTX and the gaming initiatives are wide-ranging and in some instances, it would seem that they are untaggable. When FTX made the deal to acquire the gaming studio known as Good Luck Games, the deal was actually handled under the scope of FTX US. The team would not be taken under Binance for this very reason.

That being said, if you look at the 10-year deal and the $210 million dollars that have been spent, you will soon see that things could be left open. In regards to the seven-year deal for League of Legends however, this was done under FTX and it was part of the original announcement. This means that it was not done under FTX US. Of course, FTX Ventures, which is the investment arm that is worth over $2 billion, has invested in a huge range of NFTs and they have also worked with various Web3 gaming creators too.

This happens to include Bored Ape Yacht Club, along with Yuga Labs. The team who are behind the project known as Doodles are also part of this. The division has been established as part of the parent company FTX, so it could well go a long way when it comes to the Binance exchange.

Bloomberg’s Report

Bloomberg have reported that the FTX gaming division, which helped to develop the white-label setup for Web3 games, have been since established under the FTX US division. When FTX were asked to clarify they did not respond to a request for comment, nor were they willing to give any additional clarification regarding this. Of course, because the deal between FTX and Binance was struck so suddenly, and because it is yet to be finalised, it’s safe to say that we are lacking a lot of clear answers right now. There is no telling whether or not FTX and their wider initiatives are going to be impacted but it does look like there is going to be a lot of splashy spending along with rapid extensions. This could go on to affect the company in more ways than one but for right now, the only option we have is to wait and see.

Written by: 1010admin

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