The pin serves as a multifunctional digital name tag, helping users meet and greet each other, add people to their friend list, and exchange daily activity updates such as step counts, by tapping their pins together at arm's length.
Pins work in conjunction with the Cloud Pin app on paired mobile devices.
Designs featuring each of the 33 sports on the Tokyo 2020 programme can be unlocked by performing tasks such as making new friends.
"With this unprecedented Olympic Games, we want to use our technology to add new exciting elements to the Olympic pin tradition at the IBC and MPC while connecting media professionals and enabling them to maintain social interactions with safe distancing," said Alibaba Group chief marketing officer Chris Tung.
"As a proud worldwide Olympic partner, Alibaba is dedicated to the transformation of the games in the digital era, making the experience more accessible, aspirational and inclusive for broadcasters, sports fans and athletes from across the world."
International Olympic Committee director of digital engagement and marketing Christopher Carroll said "Today more than ever we look to engage people around the world through our digital ecosystem and connect them with the spirit of Tokyo 2020.
"We are excited to be partnering with Alibaba to support us in our digital transformation journey and to help us build engagement ahead of the Olympic Games."
Alibaba Cloud is the official cloud services partner of the IOC, providing cloud computing infrastructure and cloud services for Tokyo 2020 onwards.