This collection includes four iconic Winter Olympics events, stylised with traditional Chinese artwork
Alibaba, a Chinese e-commerce company, has created a non-fungible token collection to commemorate four key sporting events at 2022 Winter Olympics.
The “digital collectables” are badges that display four different sports: speed skating, freestyle skiing, slopestyle, and figure skating. They are made in traditional Chinese art.
What is Alibaba NFT Art about?
The four ‘virtual badges’ feature artworks from four major WInter Olympic Sports. Source – SCMP
Alibaba’s inaugural collection will have 8,888 copies each badge and can be purchased on Alibaba’s Taobao and Tmall’ online markets until February 20, the closing date for the winter games.
The collection’s first NFT, featuring a speed skater crossing to the finish line, was almost immediately sold out after its release on Saturday.
The SCMP, owned by Alibaba, states that the designs are being offered as “digital collectables” to potential buyers in an effort to distinguish them from NFTs. This is due to Beijing’s ban on cryptocurrency transactions.
The pieces come with some restrictions as well. According to the company, the owners are prohibited from using the digital collectables in any commercial way.
Tokyo began to distance itself from cryptocurrency back in September, when the leading exchange Huobi announced that all accounts based in China would be closed by 2022 and also that it had imposed a ban on bitcoin mining within China.
China appears to be ready to implement a CBDC through a digital Yuan’, which has been well received so far by early users of its native wallet.