April 18, 2024

The 2022 Winter Olympics which is taking place in Beijing has a collection of NFTs that features the panda mascot called Bing Dwen Dwen. The mascot is very popular in China but people can not buy it in the country. 

Several citizens of the country had earlier voiced their disappointment regarding the unavailability of Bing Dwen Dwen NFTs in the country.

NFTs are digital files whose uniqueness, security, and ownership are powered by blockchain technology. They have become very popular across the world but the Chinese government remains skeptical about them as its stand on cryptocurrencies and its related assets have not changed since it banned them in the country.

nWay, the producer of a popular game promised to release some digital collectibles featuring the popular panda which has become a main attraction of the game. The figurine has been bought both online and offline. Shoppers even had to stand in the cold weather just to lay their hands on the toy.

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nWay Has Sold Two Batches Of The Panda NFT 

nWay is an NFT platform and also a branch under Amonica Brands, a blockchain developer based in Hong Kong. Last Thursday, the NFT platform sold more digital NFT boxes of the popular Bing Dwen Dwen.

Cost Of the Panda NFT

Six digital illustrations of the teddy practicing various winter activities are included in the fully authorized new collection. About 200 boxes were available for $349 apiece, each contained three pins that had individual serial numbers. 

Investors and collectors can purchase NFTs (non-fungible tokens), as digital souvenirs take center stage at the Winter Olympics in Beijing. Various themed products have been a huge source of revenue during the Olympics.

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As stated on the site of nWayPlay, sales of NFTs of the Bing Dwen Dwen were unavailable for buyers on the Chinese mainland owing to “license constraints,” however some Chinese citizens were still able to purchase them, as reported by local media.

The first set of panda teddy NFTs, which were sold on the 11th of February has already risen in value significantly. They were first offered for US$99 apiece, but are now selling for about US$349 to US$1,187 on nWayPlay’s secondary marketplace.

As per Forkast’s calculations based on sales history, the greatest price achieved for the Olympic mascot on nWayPlay’s site was approximately US$1,887, whereas the lowest was barely US$3. All used deals had an average cost of US$981, which is nearly 10x the initial price.

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The mascot NFTs’ popularity is fueled by regulatory uncertainties in China. NFTs, unlike cryptocurrencies, has not been prohibited in China. However, state-run media outlets appear to have mixed feelings regarding the NFT issue, with some warning against the speculative character of the currency while others establishing their own “digital collectibles.”

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