The International Chess Federation (FIDE), recently became the first global sports body to launch its own non-fungible token (NFT) marketplace. The Federation announced on November 4, on its website, its partnership with core developers of FreeTON Network, TON Labs, the launch of will be a new, holistic, chess non-fungible token (NFT) ecosystem.The FIDE is the governing body of the sport of chess and regulates all international chess competitions with its headquarters in Lausanne, Switzerland. FIDE was founded in 1924, but was recognized by the International Olympic Committee as a Global Sporting Organization only in 1999.

The NFT marketplace is expected to launch with full functionality in late November 2021, so as to coincide with the upcoming World Championship in Dubai. ChessNFT hopes to achieve a new and stronger fanbase with the addition of NFT platform and with the following features:

  • The ChessNFT will welcome a new crypto demographic to the world of blockchain and fascinate both players and fans of chess alike.

  • Users will be able to bid on and purchase chess-related NFTs featuring memorable match moments, unique collectibles, chess-related art and more.

  • The platform’s interface will accommodate the use of both fiat and cryptocurrencies.

  • Most interestingly, these NFTs will be in the new TrueNFT format on the Everscale Network.

    • Everscale is the new name for the FreeTON network which was renamed recently.

    • TrueNFTs bring a number of benefits over existing formats, although the headline feature must surely be the storage of the actual media files on the blockchain itself.

FIDE chose to partner with FreeTON Network because of its ability to process transactions on a global scale. FreeTON can process massive transactions due to its multi-threading features with several workchains, which dynamically scale to meet the user demand. Chess has already made inroads into the NFT domain earlier. In the first international online chess tournament, the Norwegian grandmaster, Magnus Carlsen won the first-ever NFT trophy on October 5.

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