Home
News
- The XXXII Summer Olympics in Tokyo is unusual not just because they are being conducted in such difficult conditions, but also because they are taking place at a moment when our understanding of money and assets is changing
- Ty Danco, a former Olympian from the 1980s, advocated for the apex cryptocurrency to be accepted
- They can now engage with the enthusiasm of the Games in a completely new manner and own a piece of Olympic history as Lumme said of the NFT pins
The XXXII Tokyo Summer Olympics are unique not just because they are held in such challenging conditions, but also because they are taking place at a time when our concept of money and assets is shifting. Ted-Jan Bloemen, a Canadian speed skater, was the first Olympic athlete to take bitcoin in 2018. Bloemen claimed to be the first athlete to be sponsored by the bitcoin sector at the time. According to a Time story, the United States Luge team used Bitcoin (CRYPTO: BTC) to support its Olympic goals in 2018. Ty Danco, a former Olympian from the 1980s, advocated for the apex cryptocurrency to be accepted.
They know all there is to know about speed, collisions, risk management, and holding on. This is maybe why the US Luge Team and Bitcoin are a natural fit, the team stated on its website at the time, according to Time. Olympic pins have always been popular, but because fans won’t be able to visit Tokyo this year to exchange these collectibles, the International Olympic Committee has teamed up with nWay to create Olympic-themed non-fungible tokens (NFTs).
According to an IOC release, these NFT pins are digital replicas of valuable and tradeable Olympic pins. Collecting pins has become an Olympic Games tradition over the past 125 years, according to Timo Lumme, Managing Director of IOC Television and Marketing Services, where everyone from athletes to event staff, journalists, and spectators all take part to collect and trade pins in the Olympic Village and beyond.
They can now engage with the enthusiasm of the Games in a completely new manner and own a piece of Olympic history, ashistory as Lumme said of the NFT pins. The IOC isn’t the only one hopping on the NFT bandwagon; athletes are as well. Eliud Kipchoge, a Kenyan long-distance runner and Olympic marathoner, auctioned a set of NFTs on the Open Sea platform earlier this month for 17.9837 Ethereum or $33,592.29 at press time. At press time, Kipchoge’s coin honoring his 2019 world-record-breaking race in Vienna, Austria sold for 14.8837 ETH, or $27,801.71.
As more Olympic participants embrace cryptocurrencies, there is no shortage of places where Olympians and those affiliated with the games may spend their BTC, Dogecoin, and other altcoins. If they’re permitted to exit the event, that is.
According to Bitcoin.com, a collaboration between local business Coincheck and Recruit Lifestyle made it possible to make purchases at over 260,000 establishments in Japan shortly after Bitcoin became a means of payment in 2017. As a Tokyo resident, I can stroll into Biccamera, one of Japan’s major electronics stores, and pay using BTC. The Olympians might do the same, stocking up on everything from Apple Inc devices to massive televisions.
Tokyo isn’t renowned for being vegetarian or vegan-friendly, but if you enjoy those options plus BTC, you can stop by Dot Raw, a vegan cafe with an all-you-can-eat salad and a la carte menu, and eat to your heart’s content while paying with BTC. Mint, a hair salon in Ebisu, caters to foreign clientele and has extensive expertise working with clients from all over the world.
The hair shop provides prayer space as well as private rooms for Muslim ladies who want their hair done. They accept Bitcoin Cash as payment. Yukizaki also has timeless timepieces for premium watch collectors. BTC is accepted by the jeweler. Finally, according to a corporate statement, Rakuten allows its Rakuten Cash balance to be recharged using BTC, BCH, and ETH for people who are restricted to their accommodations at the Olympic village and want to purchase online.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
