Home » Nio Follows Tesla Into Crypto Fray By Issuing NFTs To Employees

Nio Follows Tesla Into Crypto Fray By Issuing NFTs To Employees

by SEP Editor
3 mins read

Chinese electric vehicle maker Nio Inc. has followed his rival Tesla Inc. into the world of cryptocurrencies by issuing non fungible tokens (NFTs) to its employees.

Chinese EV firm NIO Inc. recently issued an employee-only digital collection of NFTs, the first time it has done so, according to information shared by Ma Lin, NIO’s senior director of corporate communications, via his WeChat.

  • NFTs, or non-fungible tokens, are blockchain-based products whose most important feature is their uniqueness, as each NFT is different from the others.

Some context:

NIO — which issues brooches to its employees every year to mark the company’s growth — has issued NFT digital brooches to its employees this year, The theme of this year’s brooch is “Hello Norway,” created by renowned jewelry designer Thomas V and inspired by the Northern Lights.

NIO’s release of NFT digital brooches includes 15,500 pieces, including seven regular designs, and one mystery design, according to Ma.

(Photo Credit: NIO)

The regular design of the NFT includes 3 tiers:

  • with the lowest tier including three versions, each offering 3,999 pieces, with a 25.8 percent probability of each employee receiving one. Ma shared information that he received one of this tier.
  • The middle tier of the regular design also offers three versions, each offering 999 pieces, with a 6.45 percent probability that an employee will receive one.
  • The top tier has only one version, offering 499 pieces, with a 3.22 percent probability of employees getting one.

The mystery design is available in only one version, offering 7 pieces, with a 0.05 percent probability of obtaining it.

It is worth noting that China prohibits cryptocurrency trading, and while NFTs are not cryptocurrencies, their trading is also discouraged.

Our take: NIO’s launch of the employee-only NFTs comes just after rival Tesla’s foray into the world of cryptocurrencies last year with its purchase of Bitcoin and its acceptance of Dogecoin for the purchase of merchandise on its online shop. Nonetheless, as a collectible for internal use, this move by NIO is refreshing.

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