Digitization remains one of the oldest games in the world, with the International Chess Federation FIDE announcing its plans to create an NFT (Non-Fungible Token) marketplace. The group announced that the market, which will launch in late November, will be called ChessNFT.

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

Just last month, world champion Magnus Carlsen won the NFT Cup 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 chance to play with Carlsen.

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

They have partnered with TON Labs, the lead developer of the FreeTON network, renamed Everscale, to revitalize the ChessNFT marketplace. NFT will use a new technology variant called TrueNFT, which is an Everscale Network product. TrueNFT stores physical media on the blockchain itself, rather than just linking to destructive content that is often hosted elsewhere. Depending on the version, the interface of the platform will also support the use of both fiat currencies and cryptocurrencies.

ChessNFT.com joins the fast-growing list of NFT markets that Opensea currently leads in terms of total settlement volume.

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