BAYC Clothing Line Set to be Released in China by Li Ning
Li Ning, a sporting brand of Chinese origin with headquarters in Beijing is about to release a clothing line that is based on the Bored Yacht Ape Club #4102 NFTs design. The clothing line and equipment company intends to take advantage of the growing popularity of the BAYC project.
The announcement of this development was made on China’s Twitter-like microblogging platform, Weibo. According to the company, the BAYC branded products will include T-shirts and caps onto which images of BAYC will be printed. This development introduces another dimension to the emerging and much-talked-about industry of Non-Fungible Tokens as it encroaches deeper into the mainstream.
Li Ning is a renowned Chinese leader in athletic apparel and footwear that has existed for over 30 years. The reputation of the sporting brand has grown over the years to international standards, exploring the dynamic evolution of design and technology, especially with the innovations associated with the 21st century.
The sporting brand is named after its founder, Li Ning who himself was a world-class gymnast with 106 gold medals to his name. One of Li’s outstanding records was winning six out of seven gold medals at the Sixth World Cup Gymnastic Competition in 1982. Li became the most honored athlete at the 1984 Summer Olympic Games held in Los Angeles after winning three gold medals, two silver, and one bronze.
The brand’s rich history and cultural integration have earned it a reputable status in the West and other parts of the world. Hence, its foray into the world of NFTs represents a significant step in the adoption of emerging technology. In a recent filing to the Hong Kong Stock Exchange, Li Ning reported having recorded a nearly 30% year-on-year increase in retail sales in the first quarter of 2022.
Li Ning is not the only Chinese brand to venture into NFTs, rather its action represents a consolidation of the ongoing developments around the industry in the Chinese digital assets marketplace. Earlier this year, Anta, another Chinese sportswear brand released a series of digital collectibles that featured the Chinese national athletic team. Anta was an official partner of the Beijing 2022 Winter Olympics.
The NFT industry in China has attracted significant attention over the past couple of months. Many brands and establishments are taking up roles within the space, most of them involved in the creation of digital collectibles. However, regulatory concerns remain a major issue among practitioners within the region. This is a result of the government’s perception of cryptocurrencies and other related digital assets.
As far as China is concerned, cryptocurrency activities remain prohibited. Since the middle of 2021, there has been a serious clampdown on the crypto industry in China. This has led to the exodus of many practitioners of crypto-related businesses and services.
At the global level, most NFT projects are related to the cryptocurrency industry. On several marketplaces, they are prices in crypto and are open to speculation. These are practices that are highly frowned upon in China. Hence, from the onset, NFT practitioners in China are starting with adjustments that will comply with the permissible boundaries in terms of regulation within the region.
In China, there are no clear regulations yet on how NFTs should be used. However, there have been warnings from state-owned media over the speculation of NFTs. If not handled properly, this could impact negatively the development of the Chinese NFT market. Therefore, most of the brands venturing into the field are taking such concerns seriously and setting up rules that comply with the state’s conditions. One of such rules involves the description of such assets as “digital collectibles” rather than “NFTs”.