• Exchange to drop NFTs for each S.Korean medal at Beijing Olympics

  • Bithumb, one of South Korea’s largest cryptocurrency exchanges, says it will distribute digital art non-fungible tokens (NFTs) for traders who meet the criteria every time South Korea wins a medal at the Beijing Winter Olympics.

    Held jointly with blockchain-based sports content platform 300FIT, the NFTs will be accessible to traders who have transacted more than 1 million Korean won (US$835) worth of FIT.

    The NFT offerings will run for 24 hours starting at midnight the day after a Korean athlete wins a medal in the games.

    Bithumb will randomly distribute 10 regular and one special digital art NFT of the winning South Korean Olympic medalist.

    Sports has been a key industry for the mainstream push of cryptocurrencies, with sporting fan tokens recording double that of NFTs in total sales to date, according to CryptoSlam data.

    Bithumb said it will continue to work toward creating synergy between digital assets and sports.

    South Korea currently has no medals at the Beijing Olympics, which are scheduled to end on Feb. 20.

    What's your reaction?