NFT movement is not a fad: Galaxy Digital CEO Mike Novogratz
The Olympics is joining the ranks of sports groups hoping to convince fans to splash out on non-fungible tokens.
The International Olympic Committee plans to sell “digital versions of collectible and tradeable Olympic pins” of famous posters and mascots, according to a statement.
NFTs are a kind of digital art that uses the same technology as cryptocurrencies to prove ownership. It’s a business idea that’s boomed in the world of sports, with NBA’s Top Shot allowing people to purchase big game moments as NFTs.
NFTs are also gaining popularity with artists, organizations and auction houses. In March, a Singapore-based investor paid US$69.3 million worth of digital art at an auction by Christie’s.
Organizers are stepping up preparations for the Summer Olympics, which are set to begin next month in Tokyo. There’s still a debate about it’s safe to hold the games during the pandemic.