The International Chess Federation, FIDE, has partnered with TON Lab to launch, a new, holistic chess non-fungible token, NFT, making it the first-ever global sports federation to launch its own NFT marketplace.

According to a statement by FIDE, the NFT marketplace will launch on the Free TON Network ahead of the upcoming FIDE World Championship in Dubai this November.

“ChessNFT will welcome new crypto demographic, bringing utility to both chess players and fans through the digitalization and gamification of iconic match moments, unique collectibles, chess-related art, and many more exciting opportunities,” the statement read.

In the last 24 hours, bitcoin has been down by 1.54%, with a current price of $66,570.11 as of the time of writing this. Within 24 hours, bitcoin dropped to 66,273.14 low and $68,105 high. The trading volume of bitcoin in the last 24 hours is $1.35B. The current market capitalization of bitcoin is $1.26T. Currently, $18.86M bitcoins are in circulation.

Stats and Image from Coin Desk

Speaking on the new initiative, the co-founder of TON Labs, Alexander Filatov, believed that integrating blockchain technology with the game of Chess will open doors to new possibilities.

“Pairing the classic and universally loved sport of chess with the world of blockchain and crypto has the capability of bringing chess to the forefront of the minds of an entirely new cohort of fans across the globe,” he said.

TON Labs is the core developer of the Free TON Network, a decentralized community-driven blockchain.