Leading the field is Norway's reigning world champion Carlsen Magnus, who aims to defend his titles in all three championship formats, classical, rapid and blitz.
Other big names include Nakamura Hikaru from the United States and Poland's Jan-Krzysztof Duda.
"Blitz and rapid chess is very interesting for both amateurs and sports fans because you don't have to wait 20 minutes for a move," Łukasz Turlej, vice-president of the World Chess Federation (FIDE), told Radio Poland's Klaudiusz Madeja ahead of the event.
"In blitz, you have three minutes, and if you don't play you lose," he added.
Click on the audio player above to hear the interview.