Esports firm TSM, a Gaming brand has annulled their partnership deal with FTX following the FTX collapse. This is the most recent deal to fall through ever since the crypto crisis instigated by the FTX crash happened.
Partnership Deal Annulled
This was the biggest partnership deal in the bag for Esports, however following this market crisis this deal has been cut short.
The Gaming Brand announced the annulment of its partnership deal with FTX. It was a partnership agreement of over $200 million.
After observing the market tides and the reaction to the crash by whales and industry players, the brand agreed to suspend it indefinitely. In a tweet, they announced that FTX would no longer be associated with the organization or team, and that the FTX imprint would be removed from the players’ jerseys.
Firms Dissociating From FTX
TSM commemorated this partnership deal in July 2021, at that time, FTX was one of the top runners in the crypto space. It is however not the first brand to sever connections with FTX but the most recent. Previously, a Basketball Association severed ties with FTX after it got liquidated. This ended its multi million dollar deal with FTX.
With this annulment and dissociation, TSM was unable to make appropriate changes which involved deleting the FTX name from their Twitter profile. This was due to Twitter CEO Elon Musk’s regulation governing the verification mark—the Blue tick. If a verified user’s account is altered, that user will temporarily lose their verification tag. This would be a problem for TSM because followers would have difficulty distinguishing between the club’s account and other replicas and impersonators.
However, this was resolved in less than three hours as TSM was able to delete the FTX tags and names from their profile.
Many companies have removed and scraped off FTX tags and names from their brands, completely dissociating themselves from the brand.
However, some of the significant agreements between FTX and some organizations are still in place and intact despite the backlash from brands and businesses. One of the standing deals is a partnership agreement with a Baseball Organization.
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