The organizers of a new Brazilian chess tournament say they will reward winners with non-fungible tokens (NFTs).
Per the Brazilian media outlet Livecoins, the event will be “nationwide” and has been organized by a fintech firm named Inkluziva.
The event will open to students “in the national education system” aged six and upwards.
Five age categories will be opened, meaning that a total of five national champions will be crowned at a final to be held on November 25.
Winners will receive a “personalized NFT” with a record of the last move of the match.
But the organizers are not altogether doing away with physical rewards: Trophies will also be distributed to the winners, alongside their NFTs.
There will be more NFTs on offer, too.
The organizers said they would also provide NFT participation certificates, as well as NFT rewards for top-ranking regional players.
Inkluziva said that qualifying events would be played online via the Chess.com platform.
The firm 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 nation.
These will comprise the North, Northeast, South, Southeast, and Midwest regions.
But the regional champs will duke it out in a “face-to-face final” in the capital Brasilia.
Inkluziva said that it was “seeking to help improve the technical level of Brazilian chess.”
It also said it hoped to “promote cultural and social exchange” via the event.
Brazilian Chess: A Winning Move for NFTs?
Adoption is on the march in Brazil.
Last month, Santos FC, one of the country’s biggest football (soccer) clubs announced that its fan token would be put to use in the gaming world.
And the crypto-keen neobank Nubank announced it was hiring David Marcus, the former head of Meta’s (shelved) crypto/stablecoin projects.
Elsewhere in the world, NFTs are also making their mark on conventional industries.
The volume of NFT trades over the past seven days on major marketplaces. (Source: NFTGo)
Earlier this month, the New York-based auction house Sotheby’s announced the launch of a secondary NFT marketplace that will allow customers to buy curated NFTs on the Ethereum and Polygon blockchain networks.