A Chinese crypto trader highlighted a sharp decrease in the price of an American sneaker backed token in the fallout between the NBA and China. The post is now viral on the internet.
10% Crash in Price of Crypto Tokens Backed by Nike’s Air Jordan
Reuters reported on Oct. 16. that the anonymous post of the trader from Weibo’s post from earlier this month highlighted a 10% crash in the price of crypto tokens backed by Nike’s Air Jordan sneakers on a US-based exchange.
“It’s clear sneaker speculators were pulling money out of the market,” the trader told Reuters.
The trader interpreted the response of the market regarding the Chinese citizens of anger over a tweet from Houston Rockets General Manager Daryl Morey, in which he declared solidarity with anti-government, anti-Beijing protesters in Hong Kong.
Chinese media accused Darlyl Morey of endorsing violence touting a “secessionist pipe dream”. He was quick to delete the tweet later.
NBA’s 4 Billion Chinese Market
Reuters calculated that the price of tokens backed by Air Jordan 1 Retro High Satin Black Toe sneakers had fallen down by 34% since the incident. The sneaker series is the latest in the line of exclusive and iconic sneakers sported by the NBA stars.
The analysis is based on the data from the global digital asset exchange 55.com. The exchange is reportedly also used by Chinese traders, even though Chinese traders are being banned from trading on domestic exchanges- exchange their yuan for Tether (USDT) via Alipay or WeChat to purchase tokens.
A sneaker brand influencer in China, George Gao with over 38,000 YouTube followers said that the anger of the basketball fans in mainland China over the controversial tweet is unparalleled.
The NBA’s market in China is reportedly estimated to be worth over $4 billion.
“Political factors do affect my choice,” Chen Luwei — a Chinese sneaker fan studying in Australia — told reporters.
Source: Cointelegraph.com | Image: @sneakerprophet_