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NFT Drop: Olympic Pins from the IOC

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This week we explore the NFT Olympic Pins by The International Olympic Committee

NFT Olympic Pins

by The International Olympic Committee

Available June 17 on nWayPlay

About the creator

The IOC, or International Olympic Committee is the governing body which organizes the Olympic Games every four years.

As part of their new digital strategy, they doing their first ever NFT sale, which will last from June 17 – June 22.

About the marketplace

The nWayPlay Marketplace is not an especially popular one.

nWay started out as a video game developer (Power Rangers: Battle for the Grid, Power Rangers: Legacy Wars and ChronoBlade)

In 2019 they announced a new addition to their game development platform called nWayPlay, a prizing solution that gives developers the ability to unlock new monetization methods via the blockchain (This is something we’ve written about recently: in-game purchases are turning into NFTs)

[More detail for Insiders]

About the drop

Pin collecting is one of the oldest Olympic rituals.

Commemorative pins are bought and traded among athletes, media, spectators, and pretty much everyone who descends on the games every two years. Pin collections can go for thousands.

Each hosting city produces one to celebrate its games. But with the olympics in Japan not allowing international visitors, pin sales will be way down this year.

So, like the NBA and MLB, the International Olympic Committee is turning to NFTs to a) Raise revenue in a low year, and b) Give collectors the next best thing, and c) Cash in on the NFT movement.

That is one classy virtual dog pin.

[More detail for Insiders]

Price

[Insiders Only]

How to buy them

There are three ways to buy these:

  1. By purchasing the packs on nWayPlay.com
  2. By purchasing from other collectors on the nWayPlay marketplace
  3. By earning them in the upcoming Olympic video game (to be released next year)

Verdict

This is the Olympic Committee’s first foray into the world of NFTs, and a way for fans to “own a piece of Olympic history.”

But is this really a piece of history?

Perhaps for serious pin collectors it could be. 2020 was a historic year by every imaginable standard, and the fact that the Olympics were postponed (and pin sales were halted) this year’s pins could hold a special place in history.

However, the execution on this feels a bit off. The IOC partnering with nWayPlay feels like the result of a backroom deal (why not just list these on OpenSea?) and the landing page doesn’t feel trustworthy or officially licensed (which it is).

[More detail for Insiders]

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Author

Stefan Von Imhof

Stefan Von Imhof

Stefan von Imhof, a co-founder of Alternative Assets, is also the Head of Product at Flippa - the world’s largest marketplace for buying & selling online businesses. He also created and runs Flippa’s Due Diligence Program, and has bought & sold over a dozen websites. Prior to Flippa he was at HG Insights, a market intelligence company which in 2020 sold to Riverwood Capital Partners.

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