Alibaba Group Launches NFT to Celebrate 2022 Winter Olympics

Alibaba Group Holding Launches 4 Non-Fungible NFT Tokens

The Chinese company Alibaba Group Holding has launched four non-fungible tokens dedicated to the Beijing Winter Olympics. Each token is issued in the amount of 8,888 copies.

Non-fungible tokens (NFTs) are made in the traditional Chinese ink painting style. They are dedicated to athletes involved in speed skating, air freestyle, slalom and figure skating. Collectible tokens will be listed on the Alibaba Taobao and Tmall marketplaces from February 5 to 20, before the closing day of the Winter Games.

In this case, the collections will be released on four different dates during the specified period. They are only available to members of the Alibaba 88Vip paid subscription, who can purchase tokens with a credit card or for 0.01 yuan ($0.0021). This option is only available to residents of Mainland China over the age of 14.

The first “batch” of NFTs featuring the skater sold out shortly after the collection’s release over the weekend. Considering that cryptocurrencies are banned in China, Alibaba refers to these tokens as “digital collectibles.” In addition, the owners of these digital items are prohibited from using them for any commercial purposes.

NFTs are attracting more and more attention from Chinese companies. Alibaba’s Ant Group and telecommunications company Tencent were among the first tech giants in China to introduce NFTs. Last year, these companies, along with JD.com, signed an agreement with government organizations on NFT “self-regulation” principles.

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