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FTX Strikes Deal With Yield Guild Games to Sponsor Axie Infinity Players
The deal gives FTX lifetime naming rights to sponsor 137 players from developing countries.
Continuing its extensive marketing efforts in the sports and gaming world, cryptocurrency exchange FTX has signed a sponsorship deal with decentralized gaming startup Yield Guild Games (YGG) in which Axie Infinity players from developing countries will receive scholarship funds.
STORY CONTINUES BELOW
- The sponsor-a-scholar program gives FTX lifetime naming rights to sponsor 137 players from developing countries.
- YGG describes itself as a "play-to-earn gaming guild." It allows gamers to earn tokens through blockchain-based economies.
- Sponsorship funds will be provided to cover the cost of “breeding” Axies in the play-to-earn game “Axie Infinity”. Axies are yield-generating non-fungible token (NFT) battle pets required to play the game.
- YGG said it will loan the NFTs to new players who cannot afford to buy their own, under a revenue-sharing agreement.
- Players who have received the FTX scholarship represent 81 players from the Philippines, 25 from Indonesia, 10 from India, 15 from Latin America and six from Brazil.
- “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," said Sam Bankman-Fried, founder and CEO of FTX.
- FTX has signed a slew of sponsorship deals with a number of live and virtual sports leagues this year, including Major League Baseball and the National Basketball Association’s Miami Heat.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
