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Monday, June 24, 2024

FTX to Launch Blockchain-Focused Gaming Unit

  • FTX is launching its own gaming unit.
  • The gaming unit will embrace blockchain networks and NFTs.
FTX/Design: Alex Brooks

Cryptocurrency exchange FTX, which has leaned heavily on sports and gaming partnerships, is launching its own gaming unit in which publishers embrace blockchain networks and NFTs. 

FTX Gaming will provide gaming companies with the ability to launch crypto tokens and support NFTs. The gaming unit follows FTX teaming up with Solana Ventures and Lightspeed Venture Partners in November 2021 to launch a $100 million gaming fund called GameFi. The fund facilitates investments in projects at “the intersection of blockchain and gaming.”

FTX has been using the video game industry to expand its reach. 

  • It established a $2 billion fund to invest in crypto startups, with a focus on gaming and security companies.
  • Esports team TSM rebranded to TSM FTX after signing a $210 million partnership with the exchange. 

Last month, FTX raised $400 million in a Series C funding round, valuing the company at $32 billion. The round included SoftBank’s Vision Fund 2, Tiger Global, and Lightspeed Venture Partners. To date, FTX has raised $2 billion but has spent nearly $1 billion on acquisitions.

Lucrative Opportunity

NFT games generated $2.3 billion in revenue in Q3 2021 and accounted for 22% of all NFT trading volume during the quarter, per the Blockchain Game Alliance’s annual report.

The number of crypto wallets related to gaming ballooned from 29,563 in Q1 to 754,000 in Q3.

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