Chess Grandmaster Magnus Carlsen Awarded NFT Trophy for Winning International Chess Tournament

NFT trophies and collectables were minted specifically for the chess tournament to mark the most important moments of the game.

By Shomik Sen Bhattacharjee | Updated: 12 October 2021 19:43 IST

Chess Grandmaster Magnus Carlsen Awarded NFT Trophy for Winning International Chess Tournament

Photo Credit: Facebook/ Magnus Carlsen

Magnus Carlsen launched his own NFT collection on OpenSea earlier this year

Highlights

Magnus Carlsen bagged an NFT Trophy for winning the MCCT
There were two identical trophies, one of which was auctioned
Carlsen said he appreciates crypto companies for supporting virtual chess

Chess grandmaster Magnus Carlsen has won loads of tournaments throughout his career and is now the first to be awarded an NFT (non-fungible token) trophy for winning an international chess tournament. The tournament organisers at Meltwater Champions Chess Tour (MCCT) wanted to take an innovative route to commemorate the game's/ tournament's most defining moments and decided to include NFT trophies and collectibles (such as chess pieces like a pawn and a queen) in the award pool for chess fans.

The way this was executed by the organisers was that there were two identical editions of the Champion's Trophy NFT digitally signed by Carlsen after winning the tournament. While Carlsen kept the first trophy, the second one was auctioned off for 6.88 ETH, which translates to about $24,700 or roughly Rs. 18,64,088 at the time of purchase.

Carlsen told the tournament organisers that he appreciates crypto companies for supporting virtual chess tournaments, bringing up the recent partnership between MCCT and FTX crypto exchange that allowed competing chess players a chance to win 2.1825 BTC (roughly Rs. 94,35,743).

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

It's also worth noting that bidding for the NFT trophy reportedly crept up to 11 ETH or $27,093 (roughly Rs. 20,44,397) once the deadline had passed.

Chess governing bodies, in addition to incorporating NFTs as awards, are also exploring ways to utilise blockchain technology as an ‘anti-cheating tool' in online chess tournaments.

Carlsen, meanwhile, on his own, is no stranger to the crypto world. The chess superstar launched his own NFT collection on the OpenSea NFT platform earlier this year, which he named Bongcloud.art. The chess prodigy sells 69 unique games, specifically featuring chess opening variations of the Bongcloud and the Greek openings.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.