Non-fungible tokens (NFTs) have become a major thing in the cryptocurrency sector. These digital assets create a new way for brands to generate revenues. Moreover, they also create better brand relationships because they allow companies to have an alternative way of earning revenues.
While NFTs are still a new concept in the crypto and blockchain sector, they have attracted the attention of major brands because of the fast rate at which they are gaining adoption and recognition. Top firms in the fashion, food, entertainment, sports and other sectors are embracing NFTs.
It is because of this brand support that these digital assets are receiving much attention this year. Some of the top eight brands that are jumping into NFTs include the following:
Coca-Cola was among the first major brands that ventured into NFTs. Coca-Cola is a beverage manufacturing giant that has a multi-national presence. Coca-Cola launched an NFT featuring its iconic logo, and this sold for $575,883 during an online auction.
The NFT was auctioned for around 72 hours, and it was set up as a single “loot box”. The NFT was listed on the OpenSea marketplace. The NFT featured four multi-sensory NFTs that were friendship-inspired. With this NFT, Coca-Cola was able to bring its assets into the virtual world.
To boost its engagement with fans, the NFT also came with a fully stocked Coca Cola refrigerator. Due to Coca Cola’s global reach, the listing of this NFT made it one of the greatest brands to venture into this field.
The latest news from Reddit has hinted that the social media platform could be exploring NFTs. Reddit is one of the most engaging social media platforms, and it recently created a job listing looking for an expert who can help it build an NFT platform.
The job listing did not indicate whether the platform would launch an NFT or create a marketplace where users would buy and sell NFTs. This could pave the way for other social media platforms to launch their own NFT platforms, given the large audience that these platforms cater to.
With Reddit being the first social media platform launching NFTs, there could also be other developments where other social media platforms will also jump in, and they could launch their NFT marketplaces.
Nike, the leading sportswear manufacturing company, has also become the latest player in the NFT sector. Nike stated that it has been exploring NFTs over the past two years, but the sector’s growth this year makes it the opportune time for it to jump in.
This year, Nike patented its NFT shoes dubbed CryptoKicks. The idea behind the development of this NFT was that different show designs could be bred, leading to the creation of new custom sneakers. Nike stated that these virtual creations could be brought into the real world.
The concept of CryptoKicks is similar to the CryptoKitties initiative, which was one of the first NFTs ever created. With Nike going into NFTs, other fashion brands are also launching their own NFT initiatives.
Fans of the Formula 1 racing league can also venture into NFTs. Formula 1 launched NFTs that included car parts and drivers included in an Ethereum-powered gaming initiative dubbed “F1 Delta Time.”
The F1 NFT game was created by Animoca Brands, a company working with many other brands to launch NFTs. The other NFTs that Animoca Brands has helped to create NFTs include Formula E and MotoGP.
Last December, the first F1 NFT share was sold for around $223,000. At the time, it was among the most expensive NFTs to be launched. However, this record has since been broken as the demand for NFTs has massively grown.
The South China Morning Post
NFTs are not just becoming game changers in the sports and food sectors, but they have also become a major thing among media companies. The South China Morning Post is one of the biggest media publications in Asia.
The media company recently announced the launch of an “artefact” litepaper that will keep the historical records and maintain its historical assets in the blockchain network in the form of NFTs.
The Alibaba-owned media company stated that its objective is to become chain-agnostic in the long run, and this will enable it to launch authentic “artefacts” during its launch. Through these NFTs, the company can increase its engagement with its readers.
One of the leading brands that have entered into NFTs is NBA. While it has not ventured into this sector directly, the NBA Top Shot is one of the most reputable NFT marketplaces in the sports sector.
This marketplace specializes in selling top basketball moments. It has enjoyed phenomenal growth over the past year, having made millions of sales. Some of the players featured in the moments sold on NBA Top Shot include LeBron James and other iconic players.
While it is not clear whether the NBA will eventually launch its own NFT or NFT marketplace, the NBA Top Shot remains the top NFT invention in the sector.
The other major sporting and that is also venturing into NFTs is World Wrestling Entertainment (WWE). WWE is launching an NFT that expects to feature some of the most notable names in the WWE matches, including The Rock. The NFT will also come with some iconic wrestling match moments.
The WWE NFT will be similar to what the NBA Top Shot is offering, and given the global audience that this wrestling platform enjoys, the NFT is expected to attract a lot of attention from NFT and wrestling enthusiasts.
To launch this NFT, WWE stated that it would be partnering with Blockchain Creative Labs. This initiative will also make this NFT among the eco-friendly ones that there are in the market, and this is expected to drive value given the intense debates over the impact of NFTs on the environment.
The other sporting platform that is launching NFTs is Asics. This is one of Nike’s major competitors. This sporting brand launched the first collection of NFTs. However, it has yet to become a major player in this field because the NFTs that are just launched will only be used for an experimental phase.
The brand also expects to use the NFTs to bridge the gap between its physical and digital brands. However, it is not clear whether this NFT collection will last for the long term, but it is a major initiative of this company. Launching an NFT is among the ways this sporting brand can maintain its innovativeness and achieve a forward-thinking concept that will enable them to be part of the future.
Each of these brands is bringing something unique to the table by launching NFTs. NFTs are not only helping these firms connect with their fans better but also attracting new funding. Some firms are also using some of these funds for social responsibility initiatives, giving them an edge over their competition. It is also a way of keeping these brands alive by making them digital-savvy. NFTs are also enabling these brands to attract a new type of audience.