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Gmoney thinks big brands joining NFT must be as Crypto-Native as Possible

TSM’s parent company, Swift, said on Tuesday that the esports organization is currently building its own crypto sub-network on Avalanche to support esports transactions and competitions. On Tuesday, e-sports have taken the spotlight in the metaverse news.

Swift is building the “Subnet” on the Avalanche blockchain for TSM events. Swift also owns the platform Blitz Esports. Swift has also chosen the cryptocurrency payments company Core for TSM and Blitz. Core lets users “store, sell, and buy digital assets,” a statement says. Ed Chang, who is the Head of Gaming at Ava Labs, told Decrypt in an email that the information about whether or not those assets might be NFTs has not yet been finalized.

Avalanche token

The Avalanche AVAX token will be used to pay the gas fees, or network transaction costs, on the Blitz Subnet. Swift plans to change its Avalanche Subnet into a “Elastic Subnet” in the future. This will allow users to become network validators by locking up or “staking” crypto tokens in exchange for money rewards using the “proof of stake” validation mechanism.

Andy Dinh, CEO of TSM and Swift, told Decrypt in an email that Web3 gaming is still in its early stages. It will not happen right away, but it is very exciting.

One of the biggest esports organizations, TSM, is known for its professional “League of Legends” (LoL) team, while Blitz, which has over 30 million users right now, offers in-game overlays for AAA games like “Apex Legends,” “Valorant,” and “Teamfight Tactics” as well as for LoL.

John Wu, the president of Ava Labs, the company that made Avalanche, said that the company’s partnership with TSM would give gamers all over the world a chance to play games that are really creative. Avalanche made fully customized subnets to help enterprises push the limits of what is possible for gaming in terms of transaction speed (less than a second), scalability, and security for millions of users.

Dinh said that the main reason TSM chose Avalanche over other blockchain networks was Ava Labs’ willingness to work together.

“We think a big part of finding success is finding teams that are easy to work with,” Dinh said.

Dinh said that TSM’s plan for Web3 includes slowly making products that are “authentic to the space and add value.”

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About MahKa

Gmoney thinks big brands joining NFT must be as Crypto-Native as PossibleMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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