FTX is launching a nonfungible token (NFT) platform centered on sports and entertainment and has also stitched up a new sponsorship with professional esports league the League Championship Series LCS.

According to Variety, FTX US is teaming upwards with Dolphin Amusement to create a "large scale" NFT marketplace that will target brands within the sports, entertainment, gaming, esports and charity industries to name a few.

"We are excited to build marketplaces with Dolphin, both because of their power to admission content and IP, just as well considering they are leaders in public relations and influencer marketing for every major vertical of entertainment," said Brett Harrison, president of FTX US.

"In that location are several items on the horizon that we can't wait to launch together," he added.

Dolphin Entertainment is a Florida-based Television and picture show product company that owns several independent PR and marketing firms that service the sectors outlined for the new NFT marketplace.

Details are sparse on the launch engagement or what blockchain volition be utilized, however, Dolphin will piece of work alongside FTX to provide the branding, production and marketing of the NFT platform, while FTX volition provide the backbone with crypto exchange services and blockchain tech development.

Related: Elevation Shot to sell exclusive NFT moments at live basketball game games

FTX is also backing the professional LCS esports league for Riot Games' League of Legends (LoL). Co-ordinate to an Aug. iv declaration from LoL, the exchange has signed a sponsorship deal for seven years.

FTX previously signed a naming rights bargain in June to sponsor esports brand Squad SoloMid for $210 1000000. Nonetheless, the team was promptly barred from donning the FTX'due south logo in esports competitions hosted by Riot Games, as it violated the game developers' guidelines about crypto exchange partnerships. The team is currently allowed to acquit the logo outside of North America and online via social media.

The new partnership is the largest sponsorship deal Riot has signed for an esports league, notwithstanding, FTX's monetary outlay is undisclosed at this stage.

"Starting this weekend, fans will notice FTX branding on the LCS broadcast around the most valuable currency in League of Legends: Gold. Role player net worth, total team gold and those rollercoaster gilded graphs will all be presented past FTX," the annunciation read.

FTX will also sponsor the LCS most improved histrion award that is voted on each flavor.

The latest partnership adds to FTX'south listing of sponsorship deals this year, which includes Major League Baseball game, a $135-1000000 19-year naming rights deal for the Miami Heat'southward domicile arena, and the $210-one thousand thousand naming rights bargain for Team SoloMid.

FTX is a popular crypto and derivatives exchange fronted by ambitious billionaire Sam Bankman-Fried. The firm recently raised $900 million in a Series B funding round at a valuation of $eighteen billion.