Creating Esports Ecosystem on Avalanche with TSM’s Crypto Subnet
TSM, the esports organization also known as Team SoloMid, is collaborating with Swift to create an Avalanche crypto subnet to facilitate esports transactions and tournaments.
TSM, also known as Team SoloMid, is creating its own crypto subnet on Avalanche with the goal of working for esports transactions and tournaments, according to a statement from Swift parent company TSM.
The announcement follows the collapse of FTX and its $210 million naming rights deal, which did not pan out. Swift is building a blockchain subnet, called the Blitz Subnet, for TSM events.
TSM goes into encryption
TSM and Blitz will use cryptocurrency payments company Core, which will allow players and fans to store, buy and sell digital assets. It has not been confirmed whether these assets will be NFTs. The Blitz Subnet will use Avalanche’s AVAX token for gas fees.
TSM is known for its professional League of Legends team and Blitz offers in-game overlays for League of Legends as well as AAA games like Valorant, Apex Legends, and Teamfight Tactics.
To help organizations achieve sub-second transaction speed, scalability, and security for millions of users, Ava Labs, the company behind Avalanche, has developed customizable subnets that push the boundaries of gaming.
According to TSM and Swift CEO Andy Dinh, TSM’s strategy for Web3 entails developing original products that add value over time, and TSM preferred Avalanche over other blockchain networks due to Ava Labs’ high level of collaboration.
Dinh stated that locating collaborative teams is essential to success. TSM is moving into cryptocurrency. Amid exponential growth in the esports industry, industry analysts predict that esports will overtake traditional sports in terms of popularity in the future.
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