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 US-based exchange after the general manager of the NBA's Houston Rockets tweeted support for the protests in Hong Kong.
In China, the trading of tokens and cryptocurrencies such as Bitcoin is banned, but Chinese investors are active on overseas exchanges. On 55.com, traders can exchange yuan for cryptocurrencies such as Tether via Alipay or WeChat to acquire tokens. 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 US$4 billion.
Poizon and DoNew, two Chinese mobile shopping apps popular among fans of designer sneakers, also took NBA-logo shoes off their platforms, traders said.
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Technical foul: Chinese traders in online sneaker market punish NBA after HK controversyOn 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 ...
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