BingdunDun NFT was cold, the price fell by 80%, and there were only 3 transactions per day

On February 11, NFT products related to the 2022 Winter Olympics mascot Bing Dun Dun, authorized by the International Olympic Committee, were launched on nWayPlay, with a single price of $99, and 500 pieces were released this time. On the day of the release, the highest transaction unit price of BingdunDun NFT in this series once reached US$1,888, an increase of 19 times. Subsequently, some media said that the price of Bingdundun NFT increased by as much as a thousand times, causing heated discussions.

According to the investigation of "Lianxin", "a thousand-fold increase in two days" does not exist, and the market popularity of Bingdundun NFT is far less than social media claims.

Since February 11, the transaction volume and floor price of Bingdun Dun NFT have been declining. On February 15, the number of transactions on the entire network was only 3, and the transaction volume decreased by 92% compared with February 11. The lowest traded price also fell to $340, down 81% from the high.

The "Super NFT Player" behind BingdunDun
nWay is a gaming company founded in 2011 and headquartered in San Francisco. Previously, it has been providing development and operation services for competitive multiplayer games across mobile, PC and game consoles.

The platform nWayPlay, which launched BingdunDun NFT this time, is an NFT distribution platform developed and operated by nWay on the Flow public chain. The platform has not yet opened services to users in mainland China.

In June 2021, nWayPlay announced that it has obtained the relevant authorization of NFT products from the International Olympic Committee. A statement released on the IOC's official website said: "NFT Olympic brooches are digital versions of collectible and tradable Olympic brooches, which will be distributed and sold on nWayPlay.com starting June 17, 2021. As NFT, digital Olympic brooches Will have various attributes normally associated with physical brooches, including authenticity, rarity and provenance, making them a true collectible."

It is surprising that the previously unknown nWayPlay won the authorization of the International Olympic Committee in one fell swoop. The reason behind it may be inseparable from Animoca Brands, the parent company of nWay.

Animoca Brands is currently the most active blockchain investment institution and development company, investing in a number of well-known projects and enterprises related to NFT and Metaverse, such as The Sandbox, Axie Infinity, OpenSea, etc.

Sports has been one of the key areas of investment for Animoca Brands. At present, another project of the company, NBA Top Shot, has become the largest sports NFT platform. According to data from Dappradar, as of February 15, the overall transaction size of NBA Top Shot has reached 850 million US dollars.

Without the blessing of stars, Bingdundun NFT can't "fire"?
Compared with NBA Top Shot, nWayPlay's operation is obviously not satisfactory. Up to now, the transaction data of this website has not been included by major platforms. The four-day transaction volume from February 11 to February 15 according to the statistics of "Lianxin" shows that more than 90% of the NFT transactions on the platform are less than 10 US dollars. On February 15, the daily trading volume of Opensea, the world's largest NFT trading platform, was US$109 million.

Judging from the successful experience of NBA Top Shot, the platform urgently needs an explosive product to drive the market.

Since the opening of the Beijing Winter Olympics, Bing Dundun, the mascot, has become a top-notch internet celebrity, and offline physical Bing Dundun dolls are even more difficult to find. After nWayPlay announced that it would release the BingdunDun NFT, it was warmly welcomed by netizens.

Perhaps affected by the inability of users in mainland China to participate, the popularity of Bingdundun NFT only lasted for one day. According to the statistics of "Lianxin", on February 11, the number of transactions on the day of BingdunDun's NFT issuance reached 56, with the lowest transaction price of $500 and the highest transaction price of $1,888. The next day, the number of transactions dropped to 22, and it dropped to 4 on February 13. On February 14, due to the news that BingdunDun NFT had risen by a thousand times, the transaction volume slightly recovered to 13. On February 15, the transaction volume of BingdunDun NFT fell to only 3 transactions again, and the lowest transaction price was $340.

Another Olympic mascot NFT, released by nWayPlay, had an even bleaker market performance. The Tokyo 2020 Olympics mascot NFT, released in August 2021, was originally issued at the same price of $99, and the current transaction price has dropped to $4. Other types of Olympic-related NFTs are also mostly traded at a price of $3-4.