Crypto is putting on a gold medal performance at the 2022 Winter Olympics! NFTs, Bitcoin-supported athletes and the launch of the world’s first major central bank digital currency are some of the highlights so far.
China’s digital currency is expected to give the country’s government new tools to monitor its economy and control a larger share of the global digital economy.
“By utilizing the digital yuan, a user is susceptible to ongoing surveillance in addition to potential malware and virus exposure. Without a clear understanding of the closed source coding used to create the digital yuan, it is almost impossible to make an informed decision.” Several NFT projects have been launched to engage with fans at the Olympics. One of the more significant initiatives came from the International Olympic Committee , which collaborated with NFT marketplace and game studio nWayPlay to launch the Olympic Heritage Collection of Olympic NFT pins.
These NFTs can be traded on the nWayPlay marketplace and boost players’ power-ups, grant them special avatar skins and sporting equipment. The app is notably not available in China where the Olympic games are being held. Moreover, Chinese tech giant Alibaba has launched four NFTs called “digital collectibles,” featuring sports at the Winter Olympics. These NFTs will feature traditional Chinese ink painting style and depict speed skating, aerial freestyle skiing, figure skating and slopestyle.
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