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Crypto Enters Sports Events with Bitcoin Prizes

It makes people who are very good at chess very happy.

Crypto Enters Sports Events with Bitcoin Prizes iBase Trading.
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It makes people who are very good at chess very happy. At a recent chess event, prizes were given out in the form of cryptocurrency and an NFT trophy. As you can see, crypto companies are starting to sponsor big sports events. This is just one.

Nine days in May of last year, the Meltwater Champions Chess Tour was going on in the city. It was a sponsored event on the tour called the FTX Crypto Cup. In this case, it was the first time a cryptocurrency prize was given out for the game.


Magnus Group led the tour. The FTX Crypto Cup was a competition for $100,000 in BTC and a $320,000 cash prize for the winner. Since 2013, Magnus Carlsen has held the title of global chess champion. He has a stake in the Play Magnus Group that is worth 9%.

Before the event, Carlsen said that as a big sports fan and NBA fan, he was excited to learn that FTX is going to work with the Champions Chess Tour. As both a competitor and a fan, I have found the Tour to be a lot of fun. Because we’ve found a partner in FTX, he feels more motivated than he did before. We both want to grow chess and the Tour.

He said it was a big moment for the Play Magnus Group. People who play chess around the world have been interested in cryptocurrencies for years. We are very excited about the FTX Crypto Cup, which is a tournament for people who want to celebrate this new and growing business.

A New World Chess Championship Experience

There were 16 chess grand masters playing on the Chess24 Playzone at the start of the tournament. Eight grand masters also made it to the knockout phase. Carlsen beat Teimour Rajabov and Wesley So, then beat Ian Nepomniachtchi to reach the final.

By beating Rajabov, Nepomniachtchi came in third place and got $25,000 from FTX, as well as 0.25 BTC from the exchange. There were five games between Carlsen and So in the final game, which was a lot more tense.

Finally, Carlsen won the game by defeating So in the fifth match, so he was the winner. It paid him $60,000 and 0.6 BTC. She will play in the final of the Meltwater Champions Chess Tour in October 2021. The Norwegian, who is 31, won a spot. It wasn’t easy for him, but he did it, too. He won $100,000 with a non-fungible token trophy.

Crypto and Chess Game

Garry Kasparov, one of the best chess players in the world at the time, beat the IBM computer called Deep Blue in 1996. He thought that technology was bad when the computer took revenge in 1997, which changed his view of it.

It was in November 2019 that the 58-year-old Russian chess grand master gave an interview to BeInCrypto. He talked about his thoughts on Bitcoin. He told us not to be afraid of Bitcoin because it works with math. People should be afraid of government chaos.

Kasparov became interested in digital currency because there are so many people who use it. According to Kasparov, we should look for the untapped power of technology rather than fight against it.

Sporting Events and Crypto

With the rise of cryptocurrencies, both well-known crypto companies and new businesses are sponsoring professional athletes and sports teams.

This is what CNBC says: Crypto.com has agreed to pay $700 million over 20 years to have its name put next to the home stadium of the Los Angeles Lakers, the Los Angeles Arena, for the next 20 years. Formula 1 and Crypto.com, a Liberty Media company that owns both Formula 1 and Crypto.com, agreed to a $100 million deal.

A company called Chiliz helped some of the biggest football teams make tokens for their fans. These teams were Barcelona, AC Milan, Galatasaray, Paris Saint-Germain, AS Roma, Juventus, and Atletico Madrid, as well as many other teams.

Also, Chiliz said they would spend $50 million to reach more people in the U.S. Chillies CEO Alexandre Dreyfus says they have a proven record of making money for big sports teams in Europe. They are going to the US with that record.

The unique NFTs of a lot of footballers, like Leo Messi, have been put on a lot of different platforms. For both sports and digital assets, this could be a big change in the game. There’s a good chance that the decentralized ecosystem will become a part of every business, even sports.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.