Updated on | Posted in Cryptocurrency

NFT for the win: Grandmaster Magnus Carlsen chases a nonfungible trophy

An worldwide chess event, Meltwater Champions Chess Tour (MCCT), has introduced it’ll mint nonfungible token (NFT) trophies and collectibles to keep the game‘s maximum defining moments forever.

The winner of the MCCT can be offered an NFT trophy, marking mainstream crypto involvement from the worldwide chess network. The event’s finals will see participation from grandmaster Magnus Carlsen and 9 different expert chess players, consisting of Wesley So.

According to an reliable statement, Chess Champs will mint versions of the Champion’s Trophy NFT, permitting fanatics to achieve a reproduction of the trophy via a web auction. Moreover, the enterprise may even launch a sequence of NFT collectibles attributed to “the moves, the moments and the players” at the chess tour.

Carlsen’s hobby in crypto may be traced lower back to a current chess event hosted with the aid of using crypto change FTX, wherein the arena champion received 0.6 Bitcoin (BTC) together with a $60,000 coins prize.

In addition to awards, the chess network is exploring blockchain use instances to save you dishonest in on-line tournaments amid COVID-19 restrictions. Running parallel to the postponement of the 2020 Chess Candidates Tournament in Ekaterinburg, Russia, World Chess has formerly explored the opportunity of transferring suits on-line thru blockchain technology.

Related: Sports-themed NFTs spark gold rush as initiatives raise $930M in a week

As Cointelegraph mentioned in September, tokenized game collectibles initiatives together raised almost $1 billion in investment in only one week.

Dapper Labs, a corporation supplying tokenized basketball collectibles via NBA Top Shot, introduced a $250 million investment spherical further to revealing 30x boom in 2021.

Following suit, Sorare, an NFT buying and selling card marketplace, raised $680 million in investment led with the aid of using Japanese fintech large SoftBank. With a revised valuation of $4.three billion, Sorare plans to enlarge its portfolio of football participant NFTs with the aid of using growing partnerships with soccer leagues and associations.