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.

Fast facts

• 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.