The International Chess Federation (FIDE) held the opening ceremonies yesterday, and the first game is today.World Chess Championship 2021 starts in Dubai
The match for the world chess leadership is being held with the support of The International Chess Federation (FIDE) between the current world champion Magnus Carlsen and the winner of the Candidates Tournament in 2020/21 Ian Nepomniashchii.
Actually, I haven't checked, but given the location of Dubai, the first game is probably already over.
The prize fund of the championship is 2 million euros. According to the regulations, the participants will play a total of 14 games. The first game will be played today, on November 26th, and the final game on December 14th. If the score in the classics is equal, the final match will be held on December 15th in a tie-break.
Winner doesn't take all of €2 million, but winner does take most by a pretty significant margin. They also each got an upfront payment out of that fund to cover travel expenses for spending a month or so in Dubai.
As much as I enjoy chess, I can't watch the games live. They are streaming in several locations if you are interested. You can (usually) replay the games at Chess.com in less time than they take in real life, but I am not sure if you need a membership for that or not.
Magnus Carlsen has been world champion for 8 years. Ian Nepomniachtchi won the 2019 challengers tournament. (The World Champion match was delayed due to COVID from 2019.)