During the Beijing 2022 Winter Olympic Games, many Chinese corporate partners have developed non-fungible token (NFT) collections, which are non-transferable digital assets housed on a blockchain, a move that analysts believe would improve the industry’s appeal.
Alibaba Group, a global partner of the International Olympic Committee (IOC), unveiled a limited NFT collection of Beijing 2022 Winter Olympic Games cloud emblems on Saturday.
Short track speed skating, figure skating, freestyle skiing, and snowboard slopestyle are among the four sports events represented in the collection. Traditional Chinese features like ink painting and the yin and yang are woven into the patterns of the series. There are only 8,888 pieces available in each of the four patterns.
“Each component follows a different pattern. It is traceable and has a high collection value that may be stored indefinitely. It is hoped that the collection will pique people’s interest in exploring the virtual world “In a statement sent to the Global Times on Sunday, Alibaba Group said.
On January 25, ANTA, a Chinese Olympic Committee official partner, published two NFT goods related to the Chinese delegation’s clothing during the Beijing Winter Olympics. Each of the digital collections has a 500-piece limit.
According to the company, debuting an NFT relevant to the Chinese national team is not only a novel move for a Chinese sports brand but also a continuing study of future consumer experience. Experts predict that 2022 will be a banner year for NFTs, as large institutions and auction houses will enter the market.
According to Liu Dingding, a Beijing-based independent analyst, the NFT is a unique digital product based on blockchain technology to ensure its unique nature, and because of its uniqueness, it is a collectible, and people would buy and hold it for a long time with value-added opportunities and artistic value.
According to Liu, NFT has grown in prominence as a key use of blockchain and a key component of the metaverse.
“It’s also inextricably linked to capital and institutional speculation, as well as some investors’ portfolios,” Liu said.
