Nio Follows Tesla Into Crypto Fray By Issuing NFTs To Employees: What You Need To Know

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

What Happened: 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, cnEVPost reported, citing information shared by Ma Lin, Nio's senior director of corporate communications.

The theme of this year’s brooch is “Hello Norway,” created by renowned jewelry designer Thomas V and inspired by the Northern Lights, as per the report.

Nio will distribute the physical and digital versions of the NFT brooch to its employees through a lottery since it has issued only 15,500 pieces, the report added, citing information shared by Weibo bloggers.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Nio’s launch of the employee-only NFTs comes just weeks after the company told Benzinga that it was "not involved" with cryptocurrencies.

It also comes after rival Tesla’s foray into the world of cryptocurrencies last year with its purchase of Bitcoin BTC/USD and its recent acceptance of Dogecoin for the purchase of merchandise on its online shop.

Tesla CEO Elon Musk is a big proponent of Dogecoin, which shot to prominence last year.

Nio’s NFT release comes even as China has banned the trading of cryptocurrencies and NFTs.

Price Action: Nio shares closed almost 9.1% lower in Monday’s regular trading session at $24.87, but rose less than 0.1% in the after-hours session to $24.88.

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Photo: Courtesy of Nio