Special NFTs will be sold as part of the Asian Games 2022, held in Hangzhou, the capital of China’s Zhejiang province, with the help of local payment tech firm Alipay.
China has always been able to mix criticism with the use of certain financial instruments. Non-fungible tokens were also affected. Despite the PRC state media’s continuous condemnation of NFT, the organizers of the 2022 Asian Games will collaborate with Alipay to sell an entire collection of sports NFTs in the form of a torch with the event emblem.
The accumulation of non-fungible tokens, which coincided with the national event, was dubbed “Eternal Flame” by laconically. The NFT is designed to look like a real torch from the 2022 Asian Games, with eight streams of water reflecting Zhejiang Province’s eight river systems and Liangzhu-style decorations.
NFT has a circulation of 20,000 copies, with each token costing 39 yuan, or $6. They can be purchased by anyone using the Alipay application’s capability. This year’s sales will begin on September 16.
Alibaba has piqued customer interest in the new asset class on several occasions. Representatives of Tmall’s subsidiary trading platform, for example, placed up for sale a selection of NFT yuèbng, popularly known as moon cakes, the other day. This event was planned to coincide with the Mid-Autumn Festival, which takes place this year on September 21. During the weekend lottery, all 50 non-fungible tokens were sold, and the winners received NFT for 1 yuan (about $0.15) and a real moon cake.