FIDE, the International Chess Federation, announces its plans for a nonfungible token (NFT) marketplace. The group said that the marketplace, which launches at the end of November, will be called ChessNFT.
It has been reported that FIDE, the first global sports federation to create its own NFT ecosystem, does so ahead of the FIDE World Chess Championship 2021.
However, the event is set to take place at the Expo 2020 Dubai from November 24 to December 16. Last month, the reigning world champion, Magnus Carlsen, won an NFT trophy in the Meltwater Champions Chess Tour. A replica trophy was auctioned off to a fan for 6.88 ETH, with the winner also getting the chance to play with Carlsen.
The report said that by further delving into the world of NFTs, FIDE said that it hopes to “welcome a new crypto demographic” through the “gamification of iconic match moments, unique collectibles, chess-related art” and more.
Likewise, they partnered with TON Labs, the core developer of the FreeTON Network, rebranded as Everscale, to bring the ChessNFT marketplace to life. The NFTs will utilize a new variation of the technology called TrueNFTs, which are a product of the Everscale Network. TrueNFTs store the actual media files on the blockchain, itself, rather than merely linking to disruptable content, often hosted elsewhere.
The platform’s interface will also accommodate the use of both fiat and cryptocurrencies, according to the release.
Thus, ChessNFT.com joins the rapidly growing list of NFT marketplaces, which is currently led by Opensea in terms of cumulative settlement volume.