EV maker Nio jumps into crypto by handing out NFTs to employees

EV maker Nio jumps into crypto by handing out NFTs to employees
8 months ago
2 mins read

Non-fungible tokens (NFTs) made their way into the mainstream in 2021, partly thanks to a rising number of established companies adopting the growing trend.

Interestingly, Nio (NYSE: NIO), a Chinese electric vehicle manufacturer, has followed competitor Tesla (NASDAQ: TSLA) into the realm of cryptocurrencies by giving NFTs to its workers. 

The company has been experimenting with new approaches to maintaining ties with its car owners, and it seems to be doing the same with its internal workforce management, according to a report by cnEVPost, citing information shared by Ma Lin, Nio’s senior director of corporate communications. 

Typically, the EV firm provides brooches to its workers every year to commemorate its growth, but it has distributed NFT digital brooches this year.

NFT inspired by the Northern Lights

In particular, the theme of this year’s brooch is “Hello Norway,” which was designed by famous jewelry designer Thomas V and inspired by the Northern Lights. 

Hello Norway NIO NFT. Source: cnEVPost

It’s worth mentioning that the announcement comes after the company stated only a few weeks ago that it was “not involved” in cryptocurrencies. Now, the company has launched employee-only NFTs, which it will distribute both physical and digital copies of via a lottery.

Intriguingly Nio’s NFT release also comes at a time when China has banned the trade of cryptocurrencies and NFTs.

Notably, Nio is following in the footsteps of competitor Tesla, which entered the world of cryptocurrencies last year with the purchase of Bitcoin and its subsequent acceptance of Dogecoin for the purchase of merchandise on its online store. 

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.