Banking on the latest popularity of non-fungible tokens (NFTs), Li Ning, a popular Chinese sports apparel brand, has announced that it plans to release a Bored Ape Yacht Club-themed apparel line that would boast Bored Ape #4102 on its merchandise.
The company announced the new strategy on China’s social media platform Weibo where it revealed plans to sell the NFT-themed t-shirts and hats.
Founded in 1989, Li Ning is a Chinese sportswear and sports equipment company founded by former Olympic gymnast Li Ning. The company recently reported about a 30 percent year-on-year rise in retail sell-through in the first quarter of 2022.
Li Ning’s new initiative follows a similar one made by rival sportswear brand Anta, which was the official partner of the Beijing 2022 Winter Olympics. Anta published a series of digital collectibles featuring the national athletics team earlier this year.
The news came despite the country’s not-so-favorable stance towards the broad cryptocurrency sector. China’s banking, securities, and internet financial associations recently warned of financial risks associated with NFTs, and jointly issued guidelines to prevent illicit financing through the space.