On Oct. 4, a Chinese trader noticed a sharp drop in the price of crypto tokens b...
BEIJING - On Oct. 4, a Chinese trader noticed a sharp drop in the price of crypto tokens backed by Nike’s Air Jordan sneakers on a U.S.-based exchange after the general manager of the NBA’s Houston Rockets tweeted support for the protests in Hong Kong.
“But it’s clear sneaker speculators were pulling money out of the market” after the Chinese government and netizens responded angrily to the comment by Houston Rockets general manager Daryl Morey, he said.Chinese state media started to attack him, the Houston Rockets and the National Basketball Association , accusing them of endorsing violence and peddling a “secessionist pipe dream.”
It is also possible on 55.com to trade tokens backed by other designer merchandise such as hoodies by Supreme, a U.S. clothing brand under the Carlyle Group. Global brands can suffer when they offend their client base in China, where millions of online citizens rapidly respond to perceived cultural slights or insults to the country. For NBA, the China market is estimated to be worth more than $4 billion.
Xu Xiaotian, an avid sneaker collector in the southern city of Guangzhou, said he would boycott “anti-China” brands and take political concerns into consideration during his next purchase.In June, Xu bought online a pair of Nike Air Jordan 1 Retro High “Pass The Torch” sneakers inspired by the Los Angeles Clippers’ Kawhi Leonard. Xu paid 13,000 yuan and sold them for 33,000 yuan that month.
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