Meltwater Champions Chess Tour (MCCT), a world championships tournament, has begun to manufacture non-fungible token (NFT) trophies and artifacts in order to preserve the sport’s most important milestones in perpetuity.
The MCCT winner may be rewarded an NFT trophy, indicating mainstream crypto engagement from the global chess community. Grandmaster Magnus Carlsen and other 9 excellent chess players, including Wesley So, will compete in the game’s finals.
Chess Champs will mint two variants of the Champion’s Trophy NFT, letting enthusiasts to obtain a replica of the award through an auction website, according to the official release. Furthermore, the business will manufacture a line of NFT souvenirs commemorating “the moves, the situations, and the players” from the chess tour.
Carlsen’s interest in cryptocurrency may be traced all the way back to a recent chess competition held by the FTX crypto exchange, in which the World Champion scored 0.6 Bitcoin (BTC) in addition to the $60,000 cash prize.
Aside from rewards, the chess industry is investigating cryptocurrency use cases to avoid cheating in online competitions in light of the COVID-19 regulations. Concurrent to the cancellation of the 2020 Chess Candidates Tournament in Ekaterinburg, Russia, World Chess has already investigated the potential of relocating matches online using blockchain technology.
Blockchain-enabled sport collectibles projects collected nearly $1 billion in financing in less than a week. Dapper Labs, the company that offers blockchain-based digital basketball memorabilia NBA Top Shot, announced a $250 million fundraising round as well as a 30x increase in 2021.
Rarible, a non-fungible token marketplace, which earlier secured $1.75 million from 1kx, an early-stage fund, to expand its decentralized market venue and add a new governance structure has recently raised $14.2M to expand its digital platform and hire new people.