International Olympics Committee Dabbles Into Sports NFT Looking At Strong Demand

By Bhushan Akolkar
June 4, 2021 Updated June 4, 2021
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The International Olympic Committee (IOC) is looking ahead to launch its own Sports NFTs thereby capitalizing on the massive growth of the non-fungible tokens (NFTs) market. As per the latest report from Bloomberg, the IOC is willing to sell “digital versions of collectible and tradeable Olympic pins” of famous mascots and posters.

Besides, it is also working on an Olympic-themed digital entertainment experience comprising of NFT Olympic Wins and other crossplay multiplayer video games in partnership with nWay. Just like the physical counterpart, the NFT-based digital Olympic pins will have the same characteristics of authenticity, scarcity, and provenance.

The NFT Olympic Pins will be a part of the Olympic Heritage Collection. Collectors can get this unique and officially license NFT Olympic Pins on the nWay marketplace starting June 17, 2021. Besides, they can also earn them for free by playing an Olympic-themed competitive video game connected to nWayPlay.

San Francisco-based game developer nWay builds competitive multiplayer games across mobile, PC, and consoles. Speaking on this collaboration, Taehoon Kim, CEO of nWay said:

“We are honoured to collaborate with the IOC to bring the NFT Olympic Pins Collection to the nWayPlay Marketplace for the first time. We used our experience as game developers to incorporate high-quality 3D models with animation and visual effects to create truly premium NFTs.”

The Olympic-themed video games shall be available on nWay just before the Olympic Winter Games Beijing 2022.

The Craze Around Sports NFTs

NFTs have become very much popular in the sports industry. The National Basket Ball Association (NBA) created its own NFT marketplace NBA Top shots and recorded over $700 million worth of sales in digital collectibles.

Earlier this week, the Major League Baseball (MLB) announced its plan to launch baseball content NFTs in partnership with Candy Digital. MLB Commissioner Rob Manfred said:

“From trading cards to autographed balls, baseball fans have demonstrated their passion for the sport and its players through collectibles for decades. In working with Candy Digital to offer NFTs to MLB fans, we’re delivering an exciting new addition to the robust baseball collectible market. The founders of Candy are a dynamic group of executives with an impressive track record. We’re excited to be the first partner in this new venture with a team uniquely positioned for success.”

The Sports NFT industry is likely to get bigger and expand faster as traditional industry players join the bandwagon.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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