Taylor Fritz of the United States has made gaming a part of his personal and business life. (Photo … [+] by Darryl Oumi/Getty Images) Getty Images
Taylor Fritz is known for his tennis. The 22-year-old California native serves as one of America’s brightest young tennis stars, reaching as high as No. 25 in the world in 2019. But Fritz has another outlet that keeps him engaged, both competitively and through business: esports.
Fritz, an avid gamer himself, recently became one of the biggest names in tennis to invest in esports with an investment into ReKTGlobal, a global esports business that also owns two esports organizations spanning multiple games.
“I think the dynamic is great with the company not being a specific team organization, actually a parent company that owns and oversees a lot of different things,” Fritz says. “I like that dynamic as far as investment goes, that it is more than just a team.”
Taylor Fritz at the official welcome ceremony prior to the Laver Cup 2019 at Palexpo in Geneva, … [+] Switzerland. (Photo by Julian Finney/Getty Images for Laver Cup) Getty Images for Laver Cup
Managing the business side of his tennis has intrigued Fritz, a husband and father of one young son. Already with millions earned in prize money on the tour and traditional sponsorship deals with the likes of Head, Nike and Rolex, the esports investment was his first outside-the-norm venture.
“I think it is important to make good investments and set yourself up after your career is over,” he says. “When I saw some of the money that athletes had been making through investments and through ventures into other companies, I saw the success athletes were having and I said I should do that too. This is my only real fun investment I have done.”
While he is still making the “safe” investments, working with a financial advisor to ensure his money grows, the esports effort offers a different route. It is also “something fun for me that I believe and can get involved in. I can become more connected to esports through this investment.”
GENEVA, SWITZERLAND – SEPTEMBER 22: Taylor Fritz of Team World celebrates in his singles match … [+] against Dominic Thiem of Team Europe during Day Three of the Laver Cup 2019 at Palexpo on September 22, 2019 in Geneva, Switzerland. The Laver Cup will see six players from the rest of the World competing against their counterparts from Europe. Team World is captained by John McEnroe and Team Europe is captained by Bjorn Borg. The tournament runs from September 20-22. (Photo by Clive Brunskill/Getty Images for Laver Cup ) Getty Images for Laver Cup
“Taylor Fritz is a rising star, both in tennis and esports,” says Amish Shah, founder and chairman of ReKTGlobal. “In addition to his role as our latest investor, Taylor is an avid gamer who takes his PlayStation on the road so that when he has downtime or is in need of a release, he can jump on the sticks and play Fortnite and Call of Duty. He truly knows his stuff when it comes to the esports industry, teams and players so we’re very excited to welcome him to the ReKTGlobal family.”
Fritz says he’s been pretty into video games for years. “I always like to be competing against other people if it is not on the court in tennis or other sports,” he says. “I want to be competing, so the competitive aspect is always fun. I wouldn’t have the same interest in games if I wasn’t able to compete against other people.”
On the business side, he believes esports “is the future, it is going to blow up and be huge. It has taken me too long to get into this space.”
Fritz joins a few other athletes and celebrities in the investment of ReKTGlobal and says that the company’s position with their mix of owning Rogue, which has teams in a mix of titles, including League of Legends and Fortnite, and owning the London Royal Ravens, part of an ever-growing Call of Duty league, sets them up well.
Taylor Fritz during the Rolex Paris Masters at AccorHotels Arena in October in Paris, France. (Photo … [+] by Quality Sport Images/Getty Images) Getty Images
“With the COD league coming up, I think it is going to be absolutely massive and owning the London World Ravens is a massive opportunity for that franchise to grow a lot,” Fritz says. “If you look at the value of franchises of the Overwatch league in the last three years, I think the same thing is going to happen in Call of Duty. Them owning that team got me into it and the timing and everything worked out.”
With Fritz locked into the business side of esports, it all started with his personal enjoyment. He uses video games as a way to relax and enjoy his spare time, mainly playing Call of Duty, Fortnite and FIFA, generally against friends, but sometimes against the online community. “It is something I can do that keeps me relaxed,” he says. “I am not going to be out walking around sightseeing (at tournaments). I really don’t want to walk around and be on my legs all day. It is something I can do if I’m not tired enough to take a nap. If I’m awake and if I’m in that mood to play, it is a good thing to keep me entertained and have fun when I need to relax.”
Fritz takes his love of gaming on the road with him, having perfected his travel routine so he’s set-up for gaming at every stop. “I’ve got a pretty good operation,” he says. “I have it locked up and perfected.” He travels with a lightweight 24-inch screen, which he places face down in his suitcase. He says with it weighing only a couple of pounds, he always has the room and has never had an issue with it. He brings his slim PlayStation in his backpack and throws all the wires and cables he needs in his tennis bag, which he checks and is never heavy enough anyway. He slides his laptop into his backpack too, just in case he wants to play a game on that device.
For the past three years Fritz has traveled both with and without his gaming set-up and never noticed a difference in his play. With tennis his top gaming priority at all times, he says he’s always responsible. “I make sure I am professional and stop playing at a decent time to make sure I get my sleep,” he says. “You have a lot of down time when you are at a tournament and you have to hang out and relax. It is really helpful. I keep it professional and it is fun.” And now it is also part of Fritz’ business plan.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
