• FIDE is the first global sports association to have its own NFT marketplace

  • Digitalization continues to hit one of the world’s oldest games as the International Chess Federation (FIDE) announces plans for its NFT marketplace. The organisation says the marketplace will be launched at the end of November and will be known as ChessNFT.

    FIDE is the first global sports federation to create its own NFT ecosystem, and it is doing so ahead of the FIDE World Chess Championship in 2021. The event will take place at Expo 2020 in Dubai from November 24 to December 16.

    Just last month, reigning world champion Magnus Carlsen, won an NFT trophy at the Meltwater Champions Chess Tour event. A replica trophy was auctioned off to a chess fan for 6.88 ETH, and the winner was also given the opportunity to play against Carlsen.

    By delving further into the world of NFTs, FIDE says it hopes to “welcome a new crypto population” through “gamification of iconic game moments, unique collectibles, chess-related art,” and more.

    They have partnered with TON Labs, the core developer of the FreeTON network, renamed Everscale, to bring the ChessNFT marketplace to life.The NFTs will utilize a new technology variant called TrueNFTs, which is a product of the Everscale network.TrueNFTs store the actual media files on the blockchain itself, rather than just links to destructible content that is usually hosted elsewhere. According to the press release, the platform’s interface will also accommodate the use of fiat and cryptocurrencies.

    ChessNFT.com joins the list of fast-growing NFT markets, currently led by Opensea in terms of cumulative settlement volume.

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