The International Chess Federation (FIDE) has agreed with a new altcoin project to expand their organization to Web3. The Chess Federation wants to include its 500 million players on Web3 with the new partnership.
FIDE chose this altcoin project for Web3 move
The global chess authority announced on December 23 that it has partnered with Avalanche to bring its competitions to Web3. Through collaboration, Avalanche specifically ensures decentralization of tournament data and player rankings. In the press release, the Avalanche team included the messages that the partnership will “provide operational efficiency for players and federations and increase the integrity of the game.”
AVAX price is up around 2% after the news. In the same time frame, his Bitcoin price was in the green around 1.5%.
Avalanche is one of the innovative blockchains led by Emin Gün Sirer, whose CEO is an expert on decentralized systems. It has one of the largest crypto communities, especially in Turkey. The collaboration also makes Avalanche developers Ava Labs and Core, a self-managed crypto wallet, prominent sponsors of physical chess tournaments around the world, including the World Chess Championship and Chess Olympiad.FIDE CEO Emil Sutovsky said in a statement: told:
Chess is a unique sport and this collaboration will allow us to unite our community and strengthen ties between players, clubs, federations and FIDE.
Why is the partnership important to Avalanche?
FIDE’s Web3 integrations follow the chess world’s gradual embrace of digital environments. The federation says that over 100 million people regularly play chess online. Atrıca states that he competes in more than 25 million virtual chess matches every day.
Despite waning Web3 and NFT excitement in recent months, federations like FIDE see potential in the industry to grow their sport. Table tennis’s governing body launched a similar Web3 campaign last August. The collaboration between FIDE and AVAX isn’t the first time chess has played with crypto, either. Chess legend Garry Kasparov released his first NFT collection earlier this month. Chess games earned by playing like MetaChess have been popular for most of the past year.
Avalanche (AVAX) is a Blockchain platform that rivals Ethereum. It is among the few examples of innovative blockchains, especially because of what happened to Solana with FTX’s bankruptcy. Avalanche can also process 4,500 transactions per second. Thanks to this feature, it meets the Blockchain needs of organizations such as FIDE.
cryptocoin.comAs you follow, Avalanche completed a number of partnerships throughout the year. With all these developments, it is positioned in the 18th place in terms of market value.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.