FIDE is a sports association with its NFT site

Digitalisation continues to be one of the oldest games in the world as FIDE, the International Chess Federation, announces its plans to create an Essential Token Market (NFT). The group announced that the marketplace, which opens in late November, will be named ChessNFT.

FIDE with its own NFT ecosystem

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

Just last month, reigning world champion Magnus Carlsen won the NFT trophy in the Meltwater Champions Chess Tour. A replica of the trophy was auctioned to a fan for 6.88 ETH, and the winner also got the opportunity to play with Carlsen.

Delving deeper into the world of NFT, FIDE said it hopes to “welcome the new crypto demographics” by “gamifying iconic match moments, unique collectibles, chess-related art” and more.

They partnered with TON Labs, the main developer of the FreeTON Network, renamed Everscale, to revitalize the ChessNFT market. NFTs will use a new technology called TrueNFT, which is a product of the Everscale network. TrueNFT stores the actual media on the blockchain itself, rather than simply linking to destructible content often hosted elsewhere. According to the release, the platform interface will also support the use of both fiat and cryptocurrencies.

ChessNFT. com joins the fast-growing list of NFT marketplaces, which currently tops Opensea in terms of aggregate settlement volume.

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