TSM forges ahead with Web3 gaming on Avalanche
TSM forges ahead with Web3 gaming on Avalanche, building its own crypto sub-network for esports transactions and tournaments.
Team SoloMid (TSM), a leading esports organization, has announced its latest move into the world of crypto and Web3 gaming. Despite recent setbacks in the industry, including the collapse of FTX and a scrapped $210 million naming rights deal, TSM's parent company, Swift, is forging ahead with plans to build a blockchain sub-network, or "Subnet," on Avalanche.
The Subnet will be used to facilitate esports transactions and tournaments, and will use Avalanche's AVAX token for network transaction fees. Swift plans to eventually turn the Subnet into an "Elastic Subnet," allowing users to become validators for the network and earn financial rewards through the "proof of stake" validation mechanism.
To facilitate these transactions, Swift has chosen crypto payments firm Core for TSM and Blitz, allowing players and fans to store, sell, and purchase digital assets. While it is not yet clear whether these assets will include NFTs, the move signals TSM's continued commitment to exploring the potential of crypto and blockchain technology in the gaming industry.
TSM and Blitz, which is owned by Swift, are known for their popular professional teams in games such as "League of Legends" and "Apex Legends," and boast over 30 million users. TSM CEO Andy Dinh emphasized the organization's commitment to building products that are "authentic to the space and add value," and said that TSM chose to work with Avalanche because the developers behind it were the most collaborative.
The partnership with Avalanche is a significant step forward for TSM in its ongoing exploration of Web3 gaming. "Web3 gaming is still quite early," Dinh told Decrypt via email, "It's very exciting, but it will take time to materialize." Nonetheless, TSM's approach to Web3 involves building products over time that are "authentic to the space and add value," according to Dinh.
John Wu, president of Ava Labs, expressed excitement about the partnership with TSM, saying that it would bring "truly innovative gaming experiences to players around the world." Wu added that Avalanche's fully customizable subnets were created to help organizations push the boundaries of what is possible for gaming with sub-second transaction speed, scalability, and security for millions of users.
As TSM continues to explore the possibilities of crypto and Web3 gaming, its partnership with Avalanche is a significant step forward in realizing the potential of this emerging technology in the world of esports. The partnership will likely pave the way for new and innovative gaming experiences, and could signal a broader shift towards blockchain-based gaming platforms in the years to come.