Grandmaster Magnus Carlsen pursues a non-expendable trophy

An international chess tournament, Meltwater Champions Chess Tour (MCCT), has announced the creation of trophies and non-expendable token (NFT) collectibles to preserve the game’s defining moments for infinity.

The winner of the MCCT will receive an NFT trophy, which marks the participation of cryptocurrencies in the international chess community. The tournament finals will feature Grandmaster Magnus Carlsen and nine other professional chess players, including Wesley So.

According to the official statement, Chess Champs will mint two editions of the Champion’s Trophy NFT, allowing fans to obtain a replica of the trophy through an online auction. Additionally, the company will also launch a series of NFT collectibles attributed to “the moves, the moments, and the players” on the chess tour.

Carlsen’s interest in cryptocurrencies dates back to a recent chess tournament hosted by cryptocurrency exchange FTX, where the World Champion won 0.6 Bitcoin (BTC) along with the $ 60,000 cash prize.

In addition to the prizes, the chess community is exploring blockchain use cases to avoid cheating in online tournaments amid COVID-19 restrictions. In parallel with the postponement of the 2020 Chess Candidates Tournament in Ekaterinburg, Russia, World Chess has previously explored the ability to move matches online through blockchain technology.

Related: Sports-themed NFTs spark gold rush as projects raise $ 930 million in one week

A Cointelegraph report from September shows that tokenized sports collectibles projects have collectively raised nearly $ 1 billion in funding in one week.

Dapper Labs, the firm that offers NBA Top Shot Tokenized Basketball Collectibles, announced a $ 250 million funding round in addition to developer a 30-fold growth in 2021.

Following his lead, Sorare, a NFT Business Card Market Raised $ 680 Million in financing led by Japanese financial technology giant SoftBank. With a revised valuation of $ 4.3 billion, Sorare plans to expand his NFT portfolio of soccer players by increasing partnerships with soccer leagues and associations.