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.
- 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.