While China declared all cryptocurrency transactions illegal in September 2021 and offers no protection if buyers continue to trade bitcoins, the Chinese government has nonetheless given in to the times by launching a collection on Tuesday. non-fungible tokens (NFT) to celebrate the Beijing Olympics. To celebrate the organization of the 2008 Summer Olympics and the 2022 Winter Olympics in Beijing, the Chinese administration has just published a collection of official NFTs on the BSV NFtonShow platform.
This collection of NFTs includes images featuring Olympics mascot Xiao Cang. These NFTs feature depictions of Xiao Cang dressed as an athlete in five different athletic disciplines of the Winter Games, with Chinese and English subtitles. The fee for minting an NFT on this chain is around $0.015, with network transaction fees around $0.0004, which is considerably cheaper than the current fees for Ethereum. These NFTs are stored on the BSV blockchain.
Usually, only the web address of the NFT is stored on the blockchain, and the actual image of the NFT is stored on the web. This potentially makes an NFT image easy to steal – if you know where it is stored on the server. The largest NFT marketplace would be OpenSea. However, even the biggest marketplace is not completely secure. In February, attackers stole $1.7 million worth of NFTs from OpenSea users. To do this, the latter exploited a “flexibility” of the Ethereum-based Wyvern Protocol blockchain to access the tokens.
Two rooms, two atmospheres
The launch of this collection of NFTs comes as China has recently cracked down on cryptocurrency players, particularly in the field of mining. This week, Chinese authorities seized 49 ASIC Bitmain Antminers – equipment intended for cryptocurrency mining – in Guangdong province, China. The seizure comes after Chinese authorities cracked down on bitcoin mining operations in November 2021, promising to raise electricity prices for anyone with access to subsidized electricity for mining. .
NFT Snowflakes Winter Games can be purchased as blind boxes starting today. After collecting the five base NFTs, fans can reprint them to get the “Shining SSR Mascot” Xiao Cang, which is a figure skating NFT. Buyers will also be rewarded with official Olympic memorabilia.
Collectors can directly purchase a set of five base NFTs and will also receive the special figure skating NFT and official Olympic memorabilia. These collectors can participate in a raffle to win other prizes. And if China continues to crack down on digital currencies and NFT trading, these Chinese NFTs will become very rare indeed.
Source: ZDNet.com