The XXXII Tokyo Summer season Olympics are particular not solely as a result of they happen underneath such tough circumstances but additionally as a result of they’re taking place when our understanding of the definition of cash and property is altering. Right here’s why.
Olympians Dig Crypto: Way back to 2018, Canadian velocity skater Ted-Jan Bloemen grew to become the primary Olympic athlete to simply accept cryptocurrency. Bloemen introduced on the time that he was the primary athlete to be sponsored by the cryptocurrency business.
I’m very excited to be the primary ever #Crypto Sponsored Athlete. Thanks @CEEK #VirtualReality and @Ong_Social for being on the forefront of expertise and this nice achievement. Trying ahead to an incredible relationship and the thrilling occasions forward. pic.twitter.com/mCHbNzkKW8
— Ted-Jan Bloemen (@TedJan) January 31, 2018
In 2018, the U.S. Luge crew resorted to utilizing Bitcoin (CRYPTO: BTC) to fund their Olympic ambitions, as per a Time report. The previous 1980 period Olympian Ty Danco pushed the thought of accepting the apex cryptocurrency.
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“Each know all about velocity, crashes, threat administration, and holding on. Which is perhaps why the US Luge Workforce and Bitcoin are made for one another,” wrote the crew on their web site on the time, as per Time.
Tokenized Collectibles: Olympic pins have at all times attracted followers, however whereas this yr followers wouldn’t be capable of go to Tokyo to get their arms on commerce these collectibles, the Worldwide Olympic Committee has joined forces with nWay to launch Olympic-themed non-fungible tokens or NFTs.
These NFT pins are digital variations of collectible and tradeable Olympic Pins, based on an IOC assertion.
Timo Lumme, Managing Director of IOC Tv and Advertising Companies famous that over the previous 125 years amassing pins has change into an Olympic Video games custom “the place everybody from athletes to occasion employees, journalists and spectators all participate to gather and commerce pins within the Olympic Village and past.”
On the discharge of NFT pins, Lumme mentioned, “They will now join with the joy of the Video games in an entire new manner and personal a bit of Olympic historical past.”
Not solely the IOC, however even athletes are leaping on the NFT bandwagon. Earlier in April, Kenyan long-distance runner and Olympic marathoner Eliud Kipchoge auctioned a set of NFTs for 17.9837 Ethereum (CRYPTO: ETH) or $33,592.29 at press time on the Open Sea platform.
Kipchoge’s token commemorating his 2019 record-breaking run in Vienna, Austria offered for 14.8837 ETH or $27,801.71 at press time on the platform.
Japan — A Crypto Haven: Japan is likely one of the most welcoming international locations for cryptocurrency acceptance, as increasingly Olympic athletes settle for cryptocurrencies, there isn’t any dearth of places the place Olympians and others related to the video games can spend their BTC, Dogecoin (CRYPTO: DOGE) and different altcoins. Supplied they’re allowed to go away the venue.
Shortly after Bitcoin grew to become a way of cost in Japan in 2017, it grew to become doable to make funds at over 260,000 shops within the nation due to a partnership between native agency Coincheck and Recruit Way of life, as per Bitcoin.com.
As a Tokyo resident, I can stroll into one of many largest electronics retailers in Japan — Biccamera — and pay utilizing BTC. The Olympians would be capable of do the identical and cargo up on something from Apple Inc (NASDAQ:AAPL) devices to gigantic televisions.
Tokyo isn’t actually recognized to be a metropolis that’s vegetarian or vegan pleasant, however for those who like these choices, and you want BTC, you may drop in at Dot Uncooked, a vegan cafe that includes an all-you-can-eat salad and a la carte menu and eat to your fill and pay up utilizing your BTC pockets.
Ebisu-located hairdresser Mint affords its providers for worldwide purchasers and they’re skilled in coping with purchasers from all around the world. The hair salon affords non-public rooms for Muslim girls who wish to have their hair carried out and in addition present a prayer area. They settle for Bitcoin Money (CRYPTO: BCH).
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Additionally, followers of luxurious watches can decide up timeless timepieces at Yukizaki. The jeweler accepts BTC.
Lastly, for many who are confined to their rooms on the Olympics village and wish to store on-line, Japanese e-commerce agency Rakuten permits its Rakuten Money stability to be recharged utilizing BTC, BCH, and ETH, as per an organization assertion.
After the Rakuten Money stability is recharged with cryptocurrency buyers can then pay at Rakuten Pay and Rakuten Level Card affiliated companies throughout Japan.
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Photograph: Courtesy of IOC Media by way of Flickr