World Chess Federation (FIDE) announces its own NFT marketplace

ChessNFT.com is a new comprehensive chess non-fungible token (NFT) ecosystem founded by the International Chess Federation, also known as FIDE, and core developer of the Free TON Network TON Labs. This is a ground-breaking development in chess, since it will make FIDE the first worldwide sports organization to offer its own NFTs marketplace.

FIDE is the worldwide governing body for chess, which organizes all international chess competitions. This is all the more significant considering that the World Chess Championship will be held in Dubai this month.

The president of the World Chess Federation, Arkadiy Dvorkovich, announced that the group has begun a dynamic and ambitious digitization process. This is intended to provide chess fans throughout the world with new experiences and possibilities. Finally, she stated that they are looking forward to the market’s development plans ahead of the championship event.

By the end of this month, ChessNFT aims to have all functions up and running. The marketplace will appeal to a new breed of crypto users by offering chess-related digital art and one-of-a-kind collectibles from iconic chess moments..

The marketplace will sell Chess NFTs, allowing customers to bid on and purchase chess NFTs that will live on through cryptocurrency. Chess memorabilia will be for sale through the market as well. According to TON, this will be the first ever made-for-crypto application of NFT technology.

TON was chosen because it is capable of performing transactions on a global scale, according to FIDE. User privacy is safeguarded by the network’s full decentralization and transaction throughput.

Sports industry gradually embracing crypto and NFTs

Sports is the latest area in which crypto collectibles are exploding in popularity. Professional sports organizations are creating their own cryptocurrency tokens at an accelerated rate.

The NBA revealed that 5 Ethereum-based tokens will be available for purchase. Furthermore, the MLB will sell crypto tokens as digital collectibles this year. The Esports industry is also getting involved, utilizing NFTs to identify unique player identities across various platforms.

Combining traditional and well-known sports with blockchain and cryptocurrency, as suggested by Alexander Filatov, Co-Founder and CEO of TON Labs, has the potential to reach a larger audience.

According to him, the online platform will be innovative and cutting-edge. It will provide a new and unique way for chess enthusiasts to learn about their pastime through a unique, decentralized, and virtual platform.