NFT
The organizers of a new Brazilian chess tournament say they will reward winners with non-fungible tokens (NFTs).
According to Brazilian media outlet Livecoins, the event will be “nationwide” and will be hosted by a fintech company called Inkluziva.
The event is open to students “in the national education system” age six and older.
Five age divisions will open, meaning a total of five national champions will be crowned in a final on November 25.
Winners receive a “personalized NFT” with a record of the last move of the match.
Source: Dune
But the organizers aren’t completely doing away with physical rewards: trophies are handed out to the winners in addition to their NFTs.
More NFTs will also be offered.
The organizers said they would also provide NFT participation certificates as well as NFT rewards for top regional players.
Inkluziva said qualifying events would be played online through the Chess.com platform.
The company has named the event the Inkluziva School Chess Tournament.
And it explained that it would hold five online qualifying events in different regions of the country.
These will include the North, Northeast, South, Southeast, and Midwest regions.
But the regional champions will battle it out in a “face-to-face final” in the capital Brasilia.
Inkluziva said it was “trying to help improve the technical level of Brazilian chess”.
It also said it hoped to “promote cultural and social exchange” through the event.
Brazilian Chess: A Winning Move for NFTs?
Adoption is on the rise in Brazil.
Last month, Santos FC, one of the country’s biggest football clubs, announced that its fantoken would be used in the gaming world.
And crypto-enthusiastic neobank Nubank announced it was hiring David Marcus, the former head of Meta’s (suspended) crypto/stablecoin projects.
Elsewhere in the world, NFTs are also making their mark on conventional industries.
The volume of NFT transactions over the last seven days on major marketplaces. (Source: NFTGo)
Earlier this month, New York-based auction house Sotheby’s announced the launch of a secondary NFT marketplace that will allow customers to buy compound NFTs on the Ethereum and Polygon blockchain networks.