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    Alibaba Launches NFT to Celebrate 2022 Winter Olympics

    Alibaba released Olympics NFTs

    According to Chinese media, Alibaba Corporation has released a series of non-fungible tokens dedicated to the 2022 Winter Olympics. The plots of digital images, which are made in the traditional Chinese style, are related to various sports. 

    There will be a total of four badges with 8888 copies each. The first speed-skating themed token released on February 5 has already sold out. Other tokens from the set will be released on three different dates until February 20th, when the Winter Olympics end ceremony will take place. 

    The right to purchase NFTs is available only to the members of the 

    Alibaba loyalty program. Owners of tokens will not be able to use them as a currency or for commercial purposes – this is prohibited by the rules of the corporation.

    Notably, Chinese technology companies that issue non-fungible tokens prefer to refer to them as “digital collectibles.” The fact is that NFTs are launched and traded on blockchains – public decentralized platforms. However, the very principle of decentralization is unacceptable in China, where the authorities require Internet providers to verify users.

    Therefore, on the one hand, the PRC authorities are aware of the potential of NFTs – for example, at the end of January, the Chinese state news agency Xinhua handed out more than 100,000 "digital collectibles" with photographs of "historical moments" of the past year.

    On the other hand, the NFT issuance infrastructure to be launched by the government-backed Blockchain Services Network will use a customized version of the blockchain that can be managed by a designated group.

    Also, the Chinese NFT market will not be associated with cryptocurrencies – settlements on it will take place using only the national currency, the Chinese yuan.