Following the Summer Olympics in 2008, China will host the 24th Winter Olympics. The event led to the inspiration for the launch of Alibaba and Bithumb’s NFT collectibles.
Alibaba, a Chinese multinational tech giant, announced the launch of four non-fungible tokens (NFTs) inspired by the sports featured in the 2022 Beijing Winter Olympics.
This is a positive sign in the context of the uncertainty surrounding China’s regulation of NFTs.
Alibaba Launches Sport-Inspired NFTs
According to the South China Morning Post, the NFT collectibles are designed as virtual badges in the style of traditional Chinese ink art. The NFTs represent the four aspects covered by the event, which are speed skating, freestyle skiing, downhill skiing, and figure skating.
The NFT will be available on Alibaba’s Taobao and Tmall online marketplaces from February 5 to February 20, 2022, the final day of the world’s largest sports competition.
Each badge comes with 8,888 copies and will be distributed on four different days during this time frame. However, the availability of these badges will be generally limited to Alibaba 88Vip registered members.
The first NFT badge, which depicted a speed skater, was quickly sold out after its first release on February 2.
China is Ok With NFTs – for Now
In contrast to cryptocurrencies, which are restricted by the government, China appears to be supportive of the concept of NFTs.
Despite this, corporations and tech titans working on the release of NFTs avoid using the phrase “NFTs” directly; instead, they refer to “digital collectibles,” which are unspokenly understood as virtual assets.
The digital collection of the Winter Olympics on Alibaba is only available to residents above the age of 14, and owners are restricted from using these digital collections for any commercial purposes.
There is a growing interest in NFT – a blockchain-based digital asset – amongst Chinese corporations.
Ant Group, Alibaba’s fintech branch, and social media behemoth Tencent were the first to embrace NFT, introducing dozens of NFT-integrated products since last summer. JD.com and Baidu followed suit, launching their own digital collections.
On Christmas Eve, China’s national news agency Xinhua stepped in, giving out over 100,000 digital collections, representing news images from “historic moments in 2021.”
Bithumb Launches A Supportive NFT Collectible
How about watching the Olympics game to support your team and winning NFTs?
Let Bithumb show you how. South Korea’s leading cryptocurrency exchange announced today that traders who match the criteria for receiving digital art non-fungible tokens (NFTs) from Bithumb will receive NFTs every time South Korea wins a medal at the Beijing Winter Olympics.
The release also marked the partnership of Bithumb and the blockchain-based sports content 300FIT. Traders with over 1 million Korean Won worth of transactions will be eligible to join.
For further details, when a Korean athlete wins a medal in the Olympics, the NFT offerings will be valid within 24 hours commencing at midnight on the day following the event.
In addition, Bithumb will supply ten standard NFTs and one special digital art NFT of the winning South Korean Olympic medallist, which will be distributed at random.
Data from CryptoSlam revealed that the sports business has been a significant driver of the mainstream acceptance of cryptocurrencies, with sporting fan tokens selling twice as many units as non-fungible tokens (NFTs).
Because of the great hopes of the sports sector in 2022, which includes many big tournaments and attractive sporting events returning strongly after years of the epidemic, the rapid expansion of NFT Sports can be attributed to this expectation.
In addition to the Olympics, popular sporting events such as the Formula One World Championship, the NBA, Major League Baseball, and football generate significant attention across all continents of the world.
NFTs are finding new markets all the time!