Olympic Games Adopt NFTs
The Punters Pick #12 — Introduction of Olympic NFT pins marks the beginning of blockchain implementation in the global sporting event
The Olympic games, one of the world’s oldest and most prestigious sporting events, will issue NFTs for valuable collector items through a partnership with nWay. The International Olympics Committee (IOC) will mint and issue the pins which are given to athletes, judges, and staff. These pins will be available on a marketplace and will also be made available in an Olympic-themed video game that the IOC intends to launch ahead of the Winter Games in Beijing.
In the latest version of The Punters Pick, we detail the implementation of NFTs in the Tokyo 2020 Olympics and the processes of acquiring them. We also analyze the implications of this development, with a view into the possibilities and expectations on the revolution that this may bring into the global sports ecosystem. But before diving into the Olympic Games’ entry into the growing world of NFTs, we will review the progress that CryptoPunt has made on the development front over the past week.
CryptoPunt Development Update
We are quickly moving closer towards launching a fully operational alpha product. We intensely focused on testing over the past week, which meant we needed to deprioritize some other areas. However, we made significant progress overall and identified many issues through the testing process which can now be quickly resolved.
👨🔬 A strong week of testing:
- New server prepared and deployed for Alpha testing
- Internal testing carried out by the CryptoPunt team
- Got external input on the testing
- Bugs identified with withdrawal process
- Bugs identified with CP token
- Will complete more testing on the Coinflip game over the coming week
- A questionnaire and feedback protocol for pre-Alpha testing will also be established over the coming week
🗒️ Areas for improvement and upcoming milestones:
- There will be more of a focus on Blackjack and Coinflip development over the next week
- The Blackjack UX details will be determined
- The tasks of researching fair card deck shuffling, on-chain, and off-chain multiplayer sessions will be allocated to specific teams
- We intend to make some overall improvements to the CryptoPunt UX
- Some updates will be carried out on the CryptoPunt’s smart contracts and oracles
As we move closer towards a full Alpha launch of the CryptoPunt platform, we will continue to keep testing as a priority. This will help us ensure that CryptoPunt launches as a bug-free and carefully-refined gaming platform. Over the coming weeks, further improvements can be expected across the board. We will continue to perfect the UX while improving the codebase underpinning both the frontend and backend.
Olympic Games Issue NFTs
The Olympic Games need no introduction. Since the dawn of human civilization, the event has been at the pinnacle of human athletic endeavour. The games are currently being hosted in Tokyo one year after their original schedule due to the outbreak of COVID-19.
Historically, participants at the Olympic games including athletes, judges, and staff were given Olympic pins to serve the purpose of identification. Over the years, these pins grew to become valuable souvenirs.
(Source: news3lv.com)
A vibrant market surfaced around these pins with trading often taking place around the host cities. The pins often find themselves on online marketplaces such as Ebay in the aftermath of the event. The concept has grown into a market of rare properties with a lot of important attachments.
Given that there would be no spectators at this year’s event, the International Olympic Committee (IOC) turned to NFT technology to create a marketplace for the pins. Digital versions of the Olympic pins were minted and made available for acquisition. The IOC partnered with nWay to achieve this goal, allowing collectors to acquire the Olympic Pin NFTs via a number of ways that include:
- Purchasing assorted packs on the nWay website.
- Purchasing specific pins directly from other collectors on the nWayPlay Marketplace.
- Earning them free of charge by playing a real-time Olympic-themed competitive video game. The game will be launched ahead of the Winter Olympic Games, which will take place in Beijing early next year.
Part of a wider trend
The phenomenon of integrating NFTs into gaming platforms and allowing gamers to earn through their activities is not new. Several games have been securing strong traction after giving their users the possibility to earn and trade NFTs.
Axie Infinity is one example. The Pokemon-like digital pet game implemented NFTs to represent the pets within the game. The Axie Infinity AXS token has been vastly outperforming the market while the actual game has been growing strongly in terms of usage. The number of transactions on the gaming platform grew by over 330% in the past 30 days with the number of transactions approaching one million over this timeframe.
Other blockchain-based games where NFT implementation is attracting users include Splinterlands, The Sandbox, Upland, Aavegotchi, and others. These platforms are part of a wider trend of NFTs becoming more and more relevant for blockchain-based gaming platforms.
Stepping into the world of blockchain gaming
Not only does earning NFTs lock users into gaming platforms but it also allows gamers to participate in valuable in-game economies. Blockchain gaming platforms like CryptoPunt are creating such in-game economies and giving users the opportunity to level up their digital asset holdings.
Offering users the opportunity to earn and buy NFTs representing valuable collectables is a significant step by the IOC. It marks one of the biggest athletic organizations securing exposure to NFT technology. Tokyo 2020 may be remembered for countless moments of athletic excellence, but it will also mark a significant milestone in the world of NFTs.
About CryptoPunt
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and an in-game economy.
