Binance buying FTX could spell numerous differences regarding the outcome of their NFT and gaming initiatives, as, under new leadership, the direction could see a fundamental shift.
How The Acquisition Can Affect The Future of FTX NFTs and Games
However, FTX acquired the game studio Good Luck Games in 2022another deal handled by FTX.US.
The NFT marketplace will not be a part of Binance moving forward, and neither will Good Luck Games due to this.
Furthermore, FTX made a $210 million deal to sponsor the esports club Team SoloMid (TSM) for the next ten years in 2021. This was a joint deal with FTX Trading Limited (FTX.com) and FTX US.
The FTX exchange also made a seven-year deal to sponsor the League of Legends Championship Series (LCS). The deal was attributed to FTX and not FTX.US.
FTX Ventures, a $2 billion investment arm of FTX, invested in numerous NFT and Web3 gaming creators. They included Yuga Labs, Faraway, and the team behind the NFT project Doodles. FTX Ventures was established under FTX’s parent company, meaning it will move to Binance.
The FTX Gaming Division was established under FTX.US, as reported by Bloomberg. This means it will remain a separate entity.
Historically, FTX was one of the main competitors Binance had. By acquiring it, the company is putting itself in a position where it can achieve much larger market dominance. Any NFT and gaming-related products that FTX acquired can now move towards a new direction. A direction that is in the best interest of the Binance ecosystem. The acquisition will remove much-needed competition within the NFT and GameFi sector and provide one company with a much higher level of dominance.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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