Chess Players Win Bitcoin Prize as Crypto Penetrates More Sports

Chess grandmasters have by no means been happier. In a current chess match, prizes included crypto and an NFT trophy. This is only one instance of how crypto corporations at the moment are beginning to sponsor large sports activities occasions.

The Meltwater Champions Chess Tour occurred over 9 days final Might. FTX derivatives cryptocurrency alternate sponsored an occasion on the tour – the FTX Crypto Cup. It was the primary cryptocurrency prize supplied for the game.

Play Magnus Group organized the tour. Contenders vying for the FTX Crypto Cup fought for $100,000 in BTC and a $320,000 money prize. Norwegian Magnus Carlsen has been the reigning world chess champion since 2013. He owns 9% of the Play Magnus Group. 

“As an enormous sports activities fan and NBA fanatic, I used to be thrilled to be taught that FTX is continuous its transfer into sports activities by partnering with the Champions Chess Tour,” mentioned Carlsen earlier than the occasion. “The Tour has been extraordinarily thrilling each as a competitor and a fan. I really feel a renewed sense of motivation now that we’ve discovered a associate in FTX that shares our frequent aim to develop chess and the Tour.”

Andreas Thome, CEO of Play Magnus Group mentioned it was an enormous second. “We, together with many chess gamers world wide, have been following cryptocurrencies for a few years. We’re keen about celebrating this fast-growing trade in its very personal match, the FTX Crypto Cup.”

This chess championship was completely different

The match began with 16 chess grand masters enjoying on-line on the Chess24 ‘Playzone.’ Moreover, eight grand masters certified for the knockout part. Magnus Carlsen beat Teimour Rajabov and Wesley So, defeating Ian Nepomniachtchi to get to the finals.

Nepomniachtchi gained third place by beating Rajabov and secured $25,000 plus 0.25 BTC from FTX. The ultimate recreation, nevertheless, had far more conflict and drama with 5 video games between Carlsen and So.

Lastly, Carlsen dominated the sport by beating So within the fifth match. He secured $60,000 and 0.6 BTC from the match sponsor. The 31-year-old Norwegian secured a spot for the ultimate of Meltwater Champions Chess Tour in Oct 2021. He conquered this too, and gained one other $100,000 with a non-fungible token (NFT) trophy.

“It’s fairly sick! I got here again 5 instances once I wanted it, and I additionally misplaced twice,” mentioned Carlsen after defeating So. “It’s completely insane. I’m simply so comfortable to have pulled by means of. It’s an enormous aid.”

Wesley So was gracious in defeat. “I’d prefer to thank Magnus, I believe he’s the absolutely deserved winner as I believe he performed finest.”

Chess and crypto

One of many historic world chess champions, Garry Kasparov, defeated the IBM supercomputer known as “Deep Blue” in 1996. However the pc took revenge in 1997 which modified Kasparov’s concept of expertise.

The 58-year-old Russian chess grand grasp shared his sentiment about Bitcoin in an unique interview with BeInCrypto again in Nov 2019. He mentioned that we shouldn’t worry Bitcoin because it operates utilizing arithmetic. Governmental chaos is what to be feared.

“The actual fact, again then, was that the machine might win one recreation in opposition to the sitting World Champion beneath what we name regular time controls; it was a transparent demonstration that the remainder would come quickly… It was an important step ahead, an enormous milestone, and folks acknowledged the facility of computer systems. So, 22 years later, I not give it some thought as a curse; it’s extra like a blessing. I shortly realized that the period of human vs. machine could be over quickly, and it could come right down to the human plus machine.”

The quickly rising variety of crypto customers is what made Kasparov concerned with digital forex. In line with Kasparov, we must always discover the “untapped” energy of expertise as a substitute of combating in opposition to it.

Crypto and sports activities

With the rise of cryptocurrencies, each established crypto corporations and startups have began sponsoring skilled athletes and golf equipment.

In line with a CNBC report, acquired the naming rights of the Lakers dwelling stadium, the Los Angeles Enviornment, for 20 years in a $700 million deal. Method 1, owned by Liberty Media, additionally partnered with in a $100 million deal.

Probably the most well-liked blockchain fintech suppliers, Chiliz, helped a number of the largest soccer golf equipment produce fan tokens. These groups included Barcelona, AC Milan, Galatasaray, Paris Saint-Germain, AS Roma, Juventus, and Atletico Madrid. 

Moreover, Chiliz introduced they might make investments $50 million to increase their attain into the U.S. Alexandre Dreyfus, Chiliz CEO, mentioned, “We head to the U.S. with a confirmed observe file in producing tens of millions of {dollars} of income for a few of Europe’s largest sporting organizations.” 

Many footballers together with Leo Messi, have launched their distinctive NFTs on completely different platforms. Sports activities and digital belongings might change the sport for each industries. The decentralized ecosystem is poised to be part of each trade, together with sport. 

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