Friday, April 19, 2024

The International Chess Federation is the world’s first worldwide sports organization to have its own NFT market.

All About FIDE

FIDE, the international chess federation, sets the rules and regulates the game of chess on an international level. In a sense, it is akin to official bodies such as FIFA. The fact that FIDE has associated itself with Non-Fungible Tokens (NFTs) is a huge positive for crypto traders, miners as well as enthusiasts.

The International Chess Federation is aiming to launch its own NFT ecosystem by the end of November 2021, which will be just in time for the 2021 World Chess Championship. With the adoption of crypto in the sphere of sports and its intermingling with digital games, the future seems positive for it. Magnus Carlsen, who won the Meltwater Champions Chess Tour, was awarded with an NFT trophy. FIDE minted two identical trophies on Ethereum, both of which were digitally signed by Carlsen.

Sports and Crypto – The Future

One of it was auctioned to a fan for 6.88 ETH to a fan, who would also get a chance to play a game of chess with Carlsen. It’s clear that quite a few organizations as well as official bodies are moving towards crypto. Sorare, which is already an established NFT marketplace, attained a $4.3 billion valuation. It was valued at this figure after it was able to raise $680 million for Series B. Sorare is backed by the Japanese fintech giant, Softbank. Sorare also plans to partner with La Liga and team up with top-tier teams like FC Barcelona, Atletico Madrid, Real Madrid, etc.

It’s crystal clear that digital sports, sports, and crypto will be intermingling a lot in the future to come.

For anyone who is unaware about NFT, these are digital tokens that prove authority over digital art.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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