The International Chess Federation is the world’s first sports association with its own NFT market

Digitization continues to happen to one of the oldest games in the world like FIDE, the International Chess Federation, announcement its plans for a non-fungible token (NFT) market. The group said the marketplace, which will launch in late November, will be called ChessNFT.

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

Last month, reigning world champion Magnus Carlsen won an NFT trophy on the Meltwater Champions Chess Tour. A replica of the trophy was auctioned off to a fan for 6.88 ETH, with the winner also getting the chance to play with Carlsen.

Exploring the world of NFTs further, FIDE said it hopes to “welcome a new crypto demographic” through the “gamification of iconic match moments, unique collectibles, chess-related art” and Moreover.

They have partnered with TON Labs, the lead developer of the FreeTON network, rebranded as Everscale, to bring the ChessNFT marketplace to life. NFTs will use a new variant of the technology called TrueNFT, which is a product of the Everscale network. TrueNFTs store the actual media files on the blockchain itself, rather than simply linking them to disruptive content, often hosted elsewhere. The platform’s interface will also allow the use of fiat currencies and cryptocurrencies, according to the statement.

ChessNFT.com joins the rapidly growing list of NFT marketplaces, which is currently led by Opensea in cumulative settlement volume.

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