The victors of a brand-new Brazilian chess tournament being held in Brazil will reportedly be awarded non-fungible tokens (NFTs), according to the event’s organizers.
According to the Brazilian news outlet Livecoins, the event will take place “nationwide” and was organized by a fintech company called Inkluziva.
Participants must be “in the national education system” and be at least six years old to take part in the event.
At the conclusion of the competition on November 25, there will be a total of five national champions crowned as a result of the opening of five new age categories.
The winning players will each receive a “personalised NFT” that includes a record of the game’s decisive move.
However, the organizers are not completely eliminating the use of tangible prizes: in addition to the non-financial rewards (NFTs), victors will also be awarded trophies.
In addition to this, there will be a much larger selection of NFTs to choose from.
The organizers stated that they would also award NFT participation certificates in addition to providing NFT incentives for players who ranked first in their respective regions.
According to Inkluziva, qualifying events will be conducted virtually, using the Chess.com website as the venue.
The competition will be known as the Inkluziva School Chess Tournament, according to the company.
In addition, it was clarified that there would be a total of five different online qualifying competitions held around the country.
These are going to be broken down into the regions of the North, Northeast, South, Southeast, and Midwest.
However, the regional champions will compete against one another in a “face-to-face final” in Brasilia, the nation’s capital.
According to Inkluziva, the company is “seeking to help improve the technical level of Brazilian chess.”
Additionally, it stated that one of its goals for the event was to “foster cultural and social exchange.”
The rate of adoptions in Brazil continues to rise.
One of the best successful football (soccer) clubs in the country, Santos FC, made the announcement around a month ago that their fan token would be implemented into the gaming industry.
In addition, the crypto-savvy neo-bank David Marcus, formerly the head of crypto and stablecoin programs at Meta, will be joining Nubank, according to an announcement made by the company.
In other parts of the world, conventional sectors are also beginning to feel the impact of non-financial technologies (NFTs).
The number of transactions involving NFTs that took happened on key marketplaces throughout the past week. (Image courtesy of NFTGo)
The New York City-based auction company Sotheby’s made the news that it would be opening a secondary NFT marketplace at the beginning of this month. Sotheby’s is known worldwide as one of the most prestigious auction houses. Customers will be able to purchase curated non-fungible tokens (NFTs) on the Ethereum and Polygon blockchain networks with the use of this marketplace.
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