Non-Fungible Tokens, or NFTs, have been gaining much attention in recent years. Bursting into the spotlight in the age of the metaverse and Web 3.0, NFTs have given consumers and companies alike access to a brand-new digital economy, as well as some unique opportunities.
Like many new innovations in the digital world, NFTs are offering business leaders a new way to engage their target audience and discover potential revenue streams.
With NFTs, companies can build phenomenal communities dedicated to showing their support of individual brands and generating new growth. It’s little wonder the global NFT market is expected to reach a value of around $231 billion by 2030.
While many companies are still in the early stages of exploring the NFT landscape and web 3.0, some top brands have already gone all-in on their NFT investments. Let’s take a look at some of the major organisations collaborating with major NFT groups.
Timex and the Bored Ape Yacht Club
Anyone with even a fundamental understanding of NFTs will probably be familiar with the “Bored Ape Yacht Club”. One of the most popular NFT programs in the world, the BAYC has generated billions in revenue, with almost 10,000 unique assets on the blockchain.
In 2022, leading timepiece company “Timex” announced they were partnering with the BAYC to create their own limited edition collection of NFTs. The project involves developing physical products and virtual-world reproductions for Bored Ape and Mutant Ape holders.
As part of the collaboration, the limited edition series will allow long-standing BAYC investors to access their own classic Waterbury Timex watch linked to their NFT apes. 500 watches and digital twins are set to be released during the second quarter of 2023.
Adidas’s Four-Way Collaboration
Innovative sportswear manufacturer Adidas announced its entry into the metaverse and NFT landscape at the end of 2021. The company joined forces with three different NFT agencies, including the Bored Ape Yacht Club, Punks Comics and GMoney. Alongside these groups, Adidas created a series of digital goods specially designed for sale and used in the “Sandbox” metaverse environment.
The NFTs gave collectors access to various popular products from Adidas, including hoodies, tracksuits, and other digital accessories. According to the apparel company, the move was part of a wider strategy to enter the metaverse and unlock new engagement opportunities rapidly.
Adidas now has its own “virtual gear” collection available on its online store, specially designed to give users an opportunity to personalise their virtual avatars.
Nike and RTFKT
In December 2021, Nike, another market leader in the athletic apparel landscape, announced it had acquired a leading NFT brand named RTFKT. The group was already relatively well-known for creating a range of pioneering products in the digital world, with a strong focus on the blockchain, augmented reality, and in-game engines.
According to Nike, the purchase was intended to accelerate its digital transformation strategy and help the business unlock a new way to connect with creators in the sports landscape. As a result of the purchase, Nike has built its unique metaverse environment “Nikeland”, as well as a range of NFTs for sneakers and other accessories.
In 2022, Nike launched a new “.Swoosh” platform, specifically focused on digital apparel for avatars in the metaverse. A new set of NFTs are already planned to be dropped within this Web 3.0 environment heading into 2023.
Budweiser and VaynerNFT
Well-known beverage company Budweiser launched its adventure into the NFT landscape in 2022 as part of a marketing campaign connected to the FIFA 2022 world cup. In partnership with VaynerNFT, one of the leading consulting companies in the NFT market, owned by Gary Vaynerchuk, the Budverse NFT collection was born.
Within the “Budverse environment”, users can mint their own NFTs connected to their preferred sports team and collect valuable resources and merchandise kits. The Live Scoreboard NFTs created by the company also provide users with access to a holders-only discord channel for real-time game commentary and even a unique mini-game.
The NFT collection is built on the Ethereum blockchain and empowers users to show their support for their favourite football teams while simultaneously investing in Budweiser.
Disney and VeVe
Perhaps unsurprisingly, Disney has invested heavily in the NFT marketplace over the last couple of years as part of an overall strategy to engage a new selection of digital-first customers. The company launched its first official NFT collection in collaboration with VeVe, an app-based marketplace where users can find NFT collections from some of the world’s biggest brands.
Disney’s partnership with VeVe has paid off significantly for both brands, with many NFTs selling out within a couple of days from their launch. In the last couple of years, Disney has introduced various collections, including the Mickey and Friends NFT collection, the “Golden Moments” collection, and even NFTs connected to the Marvel environment.
For the most part, Disney has used its NFT collections as a way of drumming up attention for major cinematic releases, as well as the Disney+ subscription service. The Disney Golden Moments collection was even launched specifically for “Disney+ Day”.
Prada and the Aura Blockchain Consortium
Luxury fashion brands like Prada have also rapidly invested in the NFT space, taking advantage of a growing desire among consumers to outfit their online avatars with the same products they love in person. Prada is one of the founding companies of the Aura Blockchain Consortium, which is the world’s first blockchain specially designed for luxury brands.
As part of its NFT initiative, Prada has introduced a range of different “NFT drops” over the last couple of years. Most recently, Prada introduced its 32nd “Timecapsule” with a link to the metaverse. The drop features a shirt made from a range of upcycled fabrics which users can purchase in NFT format for their avatars in the metaverse.
Prada regularly links its NFT drops to physical items, so users can purchase the latest products available from the company both in the real and virtual worlds.
