On Thursday, Animoca Brand's nWayPlay sold out of the second batch of Bing Dwen Dwen mascot NFTs, with the first set's average resale value reaching 900%.
On Thursday, NFT platform nWayPlay, a subsidiary of Hong Kong-based blockchain company Animoca Brands, released and sold out a second batch of NFT digital boxes featuring "Bing Dwen Dwen," the Beijing Winter Olympics' immensely popular panda mascot.
Six digital renditions of the mascot practicing a variety of winter activities are included in the fully sanctioned new collection. Only 200 boxes were available for $349 apiece, each containing three pins with individual serial numbers.
Collectors can now buy NFTs, as memorabilia is live at Beijing Winter Olympics
Themed merchandise has been a lucrative revenue source during the Olympics, but among the pins and beanies, collectors and investors can now buy non-fungible tokens, or NFTs, as digital memorabilia takes the podium at the Beijing Winter Olympics.
According to the nWayPlay website, sales of Bing Dwen Dwen NFTs were not available for Chinese mainland purchasers owing to "license constraints," however some Chinese users were nevertheless able to purchase them, as reported by local media.
The inaugural batch of panda mascot NFTs, which went on sale on Feb. 11, have already risen in value significantly. They were originally offered for $99 each, but are now selling for US$349 to US$1,188 on nWayPlay's secondary marketplace.
According to Forkast's calculations based on sales history, the highest price achieved for a Bing Dwen Dwen on nWayPlay's platform was $1,888, and the lowest was barely US$3. All used deals had an average price of $981, nearly ten times the original price.
The mascot NFTs' popularity is fueled by regulatory uncertainties in China. NFTs, unlike cryptocurrencies, have not been prohibited in China.
However, state-run media outlets appear to have mixed feelings regarding NFT issue, with some warning against the speculative character of the currency while others establishing their own "digital collectibles."