Chess Tournament coming with its own NFT to preserve memorable moments

The Meltwater Champions Chess Tour (MCCT), an international chess tournament, has unveiled to create nonfungible token (NFT) trophies and game collectors. The goal behind the decision is to preserve the most memorable situations of the game.

The launch will boost the participation of the chess fans and community around the world. This is because the winner of the MCCT will be awarded the NFT trophy. Grandmaster Magnus Carlsen and nine other expert chess players, like Wesley So, will take part in the tournament finals.

The official statement revealed that the Chess Champs would create two types of the Champion’s Trophy NFT. One for the winner and the other for the fans. It will enable fans to have a replica of the trophy through an international digital auction.

Along with that, the company has also decided to release a set of NFT collectibles to mark the most memorable moves, moments, and players in the chess tournament.

The famous world champion Carlsen’s interest in crypto is clearly visible through his recent win. In a recent chess tournament hosted by FTX crypto exchange, he and a cash prize of $60,000 won 0.6 Bitcoin (BTC).

Chess community and its interest in crypto

The chess community is always interested in crypto, and in addition to awards, it is also exploring the technical aspects of the technology. To avoid cheating in online games, under the COVID-19 rules, the chess community is exploring Blockchain use cases. Parallel to the postponement of the 2020 Russia Chess Tournament in Ekaterinburg, World Chess has studied earlier the prospect for blockchain technology for using it while shifting matches online.

The data of various reports show that the tokenized sports collectibles have raised approximately $1 billion in just one week.

One such example is Dapper labs which offer tokenized basketball collectibles NBA Top shot. It has recently announced that it has seen a 30x growth in 2021 with $250 million funding.