2021 NFT Olympics

This year it is planned that the Olympics will go ahead after already suffering a set back in 2020 due to COVID19. Many nations lining up to send their best athletes or warriors to represent them at the international games are doing so at the detestment of Japanese residents.

Tokyo is going a head with the games and given the current economic impacts of COVID across the world the stimulus is greatly needed.

However, as Tokyo enters an outbreak the future of the games is not known as health officials commence advocating against the games. With 10,000 volunteers turning their back on the games and Olympic training cities shutting down the future of the games is unknown despite officials stating the games will go ahead. You can read more Here

Olympic NFTs

While many debate if the Olympics should go ahead the Olympic committee has turned to block chain technology to solve one of their burning questions, what will we do about Olympic Pins?

Each Olympics brings about a unique pin with the tradition commencing at the 1896 Olympics in Athens. Originally just cardboard badges created to identify athletes, officials, media and visitors. It has grown into an entire collector's series with commemorative pins being created by officials, sponsors and fans alike.

Many fans from around the world often engage in trading and saling Olympic Pins at the Olympics and the Olympic committee and collectors alike have expressed concerns over not being able to collect or trade Pins.

As a result the Olympics committee has turned to block chain tech to solve this barrier. This year's Olympics specialised NFTs are being created and will be up for grabs incorporating block chain tech with the Olympics.

You can read more about the history of Olympic Pins Here

nWay

Source

The International Olympic Committee has partnered with nWay to produce this year's NFTs. nWay was founded in 2011 and has produced a number of successful games which you can read up on a wonderful break down of their history Here

There will be a large range of NFTs available ranging from $4 all the way upto $500 depending on their rarity and depiction. nWay will also be developing a game that enables players to win Olympic NFTs.

The Olympic community is a significantly large follower base and no doubt this move will draw the attention of many fans and block chain enthusiasts alike. After a collapse of the NFT community going from 12,000 active wallets dropping to 3,900 it appears the industry has stabilised and people will be able to engage in NFT trading and collecting at an affordable rate. You can read more Here

I'm really excited about the development and use case of NFTs in the Olympics as it opens up the door to millions of people and not just a select few. If 12,000 active wallets could blow out NFT prices imagine what 100,000+ will do.

I do have some concerns as these collectables in Australia are viewed as Capital Gains events and viewed as cryptocurrancy which they are now and as such we have a 50% CGT.

What I think will occur is a big push from the International Olympics community about how NFTs are viewed. If this causes mass adoption it will give tax departments and governments around the world a head ache as thousands of people complain.

The game is tipped to be released this month and I'll keep you all posted on any announcements I hear.

Images sourced from Canva Pro Subscription

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