Chess.com, an internet chess server and news website, has revealed a first NFT marketplace of its kind. The market, called ‘Treasure Chess’, was created in cooperation with Wyre, a provider of cryptocurrency compliance infrastructure. This marketplace allows users to create, purchase and sell NFTs based on Chess.com games.
“We begin with a wonderful marketplace which does not extract, but creates value for chess players, distributors and content creators,” stated Joseph Schiarizzi, co-founder and CEO of Treasure Chess. “From here, we’re raising the level of NFT projects and anticipating that this stack will be implemented in many other places.”
How does the Chess.com NFT Marketplace act?
Simply, Treasure Chess enabled chess and crypto fans to turn their games into exclusive NFTs named ‘Treasures’. Users can collect, trade, and sell their Treasures based on the Polygon blockchain.
Basically, Treasures are game cards that have a showing a GIF reproduction of the game. In addition, it contains information like usernames, rankings, game results, and achievements. The achievements are majorly the top three features that the creator of the NFT acquired during a Chess.com game. Points are awarded based on the difficulty of achieving these items.
All Chess.com players have the opportunity to participate in ‘Treasure Chess’ and create Tressures. All the players can mint a single game 2 times. In addition, their initial three Treasures are free to mint. It will cost $5 to mint a Treasure.
Additionally, creators will receive 100% of the income from the initial sale. Then, they will receive 95% of the proceeds from the next sale. In addition, if you sell a Treasure, you will receive 90% of the sale value and the main player will receive a 5% royalties.
Chess.com Announces A Chess Themed NFT Marketplace
Chess.com, an internet chess server and news website, has announced a first-of-its-kind NFT marketplace. Called Treasure Chess, the marketplace was created in collaboration with Wyre, a cryptocurrency compliance infrastructure provider. The marketplace enables users to create, buy, and sell NFTs based on Chess.com games.
Chess.com’s NFT marketplace allows players to mint and sell NFTs.