Digitalization keeps on coming to one of the oldest games in the world as FIDE, the International Chess Federation, announces its plans for a nonfungible token (NFT) marketplace. The grouping said that the market, which launches at the end of November, will be called ChessNFT.

FIDE is the beginning global sports federation to create its own NFT ecosystem and it does then ahead of the FIDE Globe Chess Championship 2022. The event is set to have place at the Expo 2022 Dubai from November. 24 to December. sixteen.

Just final 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 vi.88 ETH, with the winner too getting the chance to play with Carlsen.

By further delving into the world of NFTs, FIDE said that it hopes to "welcome a new crypto demographic" through the "gamification of iconic lucifer moments, unique collectibles, chess-related art" and more than.

They partnered with TON Labs, the core programmer 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, ofttimes hosted elsewhere. The platform'due south interface will too accommodate the use of both fiat and cryptocurrencies, according to the release.

ChessNFT.com joins the rapidly growing listing of NFT marketplaces, which is currently led by Opensea in terms of cumulative settlement volume.