Today, we witness huge moves from different brands and individuals flooding the non-fungible tokens (NFTs) space within the world of digital assets. Big businesses and celebrities such as NBA, Asics, Marvel, and Wayne Gretzky are plunging head first into these assets. And they all set sail towards becoming an NFT brand.
So, are NFTs mainstream now?
We decided to figure out how exactly do conventional industries intersect with NFTs and whether this deviation of blockchain is set to alter how the corporate world talks to its target audiences. What are the major brands that already employ NFTs as a vehicle to the hearts of their customers? Is using NFTs beneficial? It is these questions that will allow us to understand how bright the future of NFTs truly is. After all, it may forever remain to be just a branch of blockchain, or a vehicle the life of tomorrow won’t seem to be possible.
What are NFTs?
Non-fungible tokens (NFTs) are digital assets that represent the ownership of outstanding idols or objects. They can’t be replicated but serve as an easy means to exchange equivalent items.
The NFTs operations, just like cryptocurrencies, are based on blockchain technology. They represent objects such as artworks, venues, real estate, and others.
With crypto-assets, one unit has the same value as the other. For instance, one Bitcoin is equivalent to another Bitcoin unit. It can replace it in value. But unlike cryptocurrencies, NFTs are unique and irreplaceable. One NFT is completely different from the next and is not equivalent to the next token. This is because each token has an identity that is outstanding and non-transferable that will distinguish it from all other tokens.
Moreover, NFTs are extensible, making it possible to create a distinctive new token from a combination of two or more tokens. The new token is unique from the different tokens that comprise it.
Recently there have been several NFTs created by brands. The use of NFTs by these brands cuts across many reasons and for different purposes. Below are some of the reasons for NFT branding:
- Creating expressions
- Achieving community engagement
- Making promotional campaigns
- Raising non-profitable funds
- Creating awareness
- Enhancing consumers interactions
Here are some brands using NFTs to enhance their operations.
Marvel Entertainment took a step into the NFT space with its collaboration with Orbis Blockchain technologies Limited, a digital collectible firm. The move birthed its first NFT collection that is based on Spider-Man.
The President of Marvel Entertainment, Dan Buckley, mentioned that the use Spider-Man is a perfect option to kick-off their NFT train. This is because Spider-Man stands as one of the legendary and popular Super Heroes within the Marvel Universe. So there is still hope for fans and collectors in getting more NFT drops from Marvel in the future.
The Marvel digital collectibles are available on the VeVe Digital Collectibles App. The NFTs comprises 5 different digital versions of the Spider-Man. Moreover, each version contains different quantities and sells at a different price that depends on exclusivity.
Playboy’s Rabbitars collection is one of the examples of NFTs that facilitate the founding year of a company. This depicts the iconic bunny imagery of Playboy, which was founded in 1953.
The Web3 innovative team of Playboy created Rabbitars in partnership with Possible Studios (an art studio) and Wenew (a blockchain tech firm). The collection functions as ERC-721 tokens and is hosted on the Ethereum Blockchain. They exist either on the metaverse decentralized file storage system or the InterPlanetary File System.
Through its move, the firm is creating an enhanced community connection of the Playboy Club. The NFTs are meant to be keys that will support events for only members, artwork, merchandise, and collaborations of artists. Also, the collection comprises 12,000 virtual rabbit characters in the NFT form. The inspiration is from the iconography and heritage of the brand. Moreover, there are distinctive features for the rabbits, including ears, facial features, fur, clothing, accessories, and other traits related to occupation.
Dolce and Gabbana
The Dolce and Gabbana NFT collection, The Glass Suit exists both physically in reality and digitally. These NFTs stand as the historical entrance into the world of NFTs for Boson Protocol in September 2021 through its acquisition. Domenico Dolce and Stefano Gabbana are the designers of this NFT as part of their nine-piece luxury NFT drop, Collezione Genesi of Dolce and Gabbana. Additionally, this is a collection that had an exclusive presentation by the NFT marketplace.
The Glass Suit inculcates a different range of experiences both physically and digitally. Some of these include its open metaverse digital recreation, accessibility of couture events in Italy, the exhibition of the collection for 2 weeks in the fashion brand’s stores, and availability of its custom fitting at the Dolce and Gabbana atelier in Milan. Through a bid of 351 ETH worth $1 million, Boson won the NFT auction.
This goes to show that not all high fashion brands are against the use of non-fungible tokens. And if you’ve missed it, Hermes recently took a digital artist to court claiming that he illegally used their trademark name.
Adidas has joined the NFT digital train with the launch of its digital art creation development known as ‘Adidas for Prada re-source.’ This move will enable Adidas fans to make additions to a tiled canvas which the firm will subsequently mint to be an NFT and sell during auction.
The company is partnering with luxury fashion house Prada for this new NFT project which will also serve as an amendment for Adidas’ last NFT drop. This is because several fans couldn’t mint the last NFT project, ‘Into the Metaphase.’ Hence, Adidas plans on allocating 500 spots to the affected people in the last project.
Also, the company is allocating 1,000 spots for current token holders of the ‘Into the Metaphase.’ The general public will then have 1,500 spots left for them.
Moreover, the company outlines how it will proceed from the auction. According to its plan, 80% of the final sale will be a donation to Share Factory, a non-profit. In addition, the company will distribute 15% among the fans that were part of the contribution or made the addition. The final 5% goes to Zach Lieberman, the artist that will champion the design of the NFT.
Australian Open move into the metaverse inculcates real-time engagement with great benefits. The NFTs are enabled by electronic line calling technology. Also, fans are entitled to the moment ownership in real-time.
The NFTs collection comprises 6776 different pieces of multiplicative art. The AO At Ball NFT collection is meant to offer unique digital access to live match data and memorabilia. There is a link of the metadata of each AO Art ball to a tennis court surface of 19cm X 19cm plot. Once the winning shot from the collection matches hits the exact spot, a real-time update of the NFT metadata will distinguish the match information.
With the landing of any of the 11 points of the championship on the plot, the NFT plot owner can claim and get the tennis ball for the championship point through a unique case that is handcrafted. The benefits for the NFT include utility even for the limited wearables editions, Australian Open merchandise, and others.
One of the Lloyds Auctions Australia that took place in December 2021 brought the release of its second edition of Digicars NFT collectibles. The artwork 3D gives a representation of a Holden Torana A9X classic car. This depicts a 1977 automobile that is factory-built that stands as a highly valuable and collectible Aussie muscle car.
The NFTs were coinciding with over 50 physical cars, which were up for auction in December. This was conducted through the unreserved Lloyds Auctions.
By owning the NFTs, you will have the advantage of getting shopping discounts with Lloyds Auctions, an ICAARS certificate of authenticity, and framed pictures of the virtual NFTs.
Through the launch of ‘eNFT,’ a token paired with an edible copy, Frank’s RedHot advances into the NFT space. Before now, the brand has introduced its spoof crypto coins known as ‘Bonecoin.’ This is the token that its collection will quality the fans to win both the NFT and its edible replica.
The process will last between January 27 to February 13, when the Super Bowl will end. Through the period, fans are expected to scan the images of their chicken wing bones to allow them to earn Bonecoin. The scanning will be consummated from a mobile site. Any fan that has the highest Bonecoin by the end of the Super Bowl will become the winner of both the NFT and its eNFT.
As brands engage in the NFT space, celebrities are not left out. One of such demonstrations is Paris Hilton NFT give away as she appeared on ‘The Tonight Show’ this January. Each member of the audience received a free NFT from Hilton’s collection that is coming up soon.
Though the crowd applauded her for this outstanding, some individuals initially hesitated. Again, the action could be linked to the general public’s low knowledge of the NFT space.
Superplastic, a digital toy company, is the custodian of the Hilton’s collection. However, there is a plan to move the collection to Origin Protocol, a DeFi platform that develops NFT marketplaces.
Coca-cola is among the brands experimenting with NFTs to advance its sales and create more awareness. The company integrated digital assets with its collaboration with creators of 3D virtual at Tafi. In addition, it hosted Loot Boxes of NFTs, a special edition of an auction tagged Friendship Box.
This was to celebrate International Friendship Day. Through the metaverse, Coca-Cola could reconstruct one of the iconic vending machines of the past. The NFTs came from the inspiration of shared moments of friendship. Hence, the beverage company could tokenize its brand image that has gone through decades of years within the digital world.
Furthermore, the company inculcated a redesign of its future delivery jacket that is ‘wearable’ on a DeFi 3D virtual platform, Decenraland. Other virtual items which are contained in the Friend Box include The Sound Visualizer, The Friendship Card, and others. Also, Coca-Cola sent the proceed of the auction to Special Olympics International, having maintained a partnership with them for more than 50 years. Can Chainers, the up and coming hype metaverse repeat achievements of Decentraland?
L’Oreal Paris is a skincare and makeup company that has taken great interest in non-fungible tokens. It launched its NFT collection while collaborating with United Agency. The aim of the NFT branding is focused on women empowering initiatives.
Through its entrance into the world of digital assets, L’Oreal Paris is counted among companies selling NFTs as a marketing campaign for its ‘Reds of Worth,’ its new lipstick collections. The NFTs, designed by a female artist, have red as their inspiration and comprise 5 different works.
Commenting about the NFTs collection, the SVP of Marketing at L’Oreal Paris USA, Maude Brunschwig, expressed its motives. Brunschwig stated that the company aims to use this NFT brand to address gender disparity within the NFT space. Furthermore, the SVP mentioned that the cosmetic firm intends to bring those women who are already involved within the digital asset sectors to the limelight. Also, it will use the opportunity and attract more female buyers and artists into the NFT space.
Furthermore, Brunschwig said that being a brand that prioritizes inclusion and empowerment, L’Oreal Paris will confidently explore its mission of backing up women and providing the right platform for the artists to exhibit the works globally.
The National Basketball League (NBA) has leashed into the world of virtual assets through its NFT marketing initiatives. This brand commences a global campaign that highlights its prominent players through its program. Also, the NFT branding involves its investment in digital tokens within the European markets.
In one of his speeches to The Drum, the Vice-President, Head of Fan Engagement and DTC for the NBA, in Europe and the Middle East, George Aivazoglou commented on the brand NFT strategy. He explained that the move is a great assistance for the League in accelerating some of its fans’ experience in some areas. Also, it created huge support for their first digital move directly on consumers’ interactive approach.
Moreover, Aivazoglou mentioned that having observed the continuous changing patterns in habits and consumption, the NBA is now fully equipped to expand its boundaries through innovation and, in the process, increase its fans’ experience.
While boosting the NBA digital dreams, rapper Quavo entered into a partnership with the basketball League for exclusive finals packs. Some of Quavo’s Mission is getting ‘Top Shots Moments’ of his favorite and special players. The personalities include LeBron James, Steph Curry, Trae Young, and Kevin Durant.
Non-fungible tokens (NFTs) are gradually becoming a popular marketing strategy for any kind of brand. However, NFTs are hardly a household name yet and it is solely down to adoption, whether this tech will truly pick up and corporations turn into NFT brands. The more brands use this tech, the greater are the chances that the market will grow. Then again, utility will always play a major role in the growth of NFTs and we sincerely hope that it is the utility that grows first, as it makes the token really, really, really interesting!