Inthis post, I’ll be exploring how traditional brands are entering the world of NFTs and why.
I am to make this part of an ongoing series, perhaps monthly, that will give you an update on the latest organizations to make a bold leap into the rapidly evolving world of non-fungible tokens (so make sure to subscribe!).
This installment is a recap of all of the goings-on over the past three months or so, which in the world of web3, is kind of like three years everywhere else.
Anheuser-Busch Inbev (Budweiser)
Anheuser-Busch’s Bud has been an aggressive early adopter of NFTs, as far as traditional companies go. They’re launching thousands of NFTs to celebrate the launch of a new zero carb beer, Bud Light Next, which will be promoted at the Super Bowl.
Holder utility: Revenue from the sale of these tokens, which will cost $399 each, will be reinvested into the AB NFT community, and are expected to build stronger ties with the brand’s online community.
Burger King’s Keep It Real Meals gives diners an opportunity to scan a QR code on meal boxes and receive collectible NFT game pieces.
Holder utility: Once guests have “caught them all”, they are airdropped a fourth NFT which could be a 3D collectible, free Whoppers for a year, autographed merch, or a call with one of the campaign’s celebrity ambassadors, which includes none other than hip hop royalty Nelly.
Adidas partnered with one of the most popular NFT collections, Bored Ape Yacht Club (BAYC), and netted US$22 million upon the sale of over 29,000 NFTs.
Holder utility: None, other than social status, and price speculation.
Nike hasn’t dropped NFTs just yet but they acquired NFT fashion startup RTFKT (“artefact”) Studios, signaling its intent to drop NFTs in the near future.
Holder utility: The company filed a number of patents signaling the use of NFTs to fight physical shoe counterfeiting and has filed a number of trademarks for virtual goods.
It is also expected that Nike’s NFT collectible shoes, designed by RTFKT, will be wearable in the Decentraland metaverse.
Japanese automaker Nissan dropped a digital NFT version of its GT-R which sold for CAD$2.85 million. The proceeds were donated to charity.
PS. It came with a real GTR.
Holder utility: Using the enthusiasm and hype around NFTs as a fundraising mechanism for social good.
Creso Pharma, an Australian cannabis company with global operations, stepped into the metaverse last month, announcing it has secured land and built an experience next to hip hop royalty Snoop Dog. It said that this was step one in its metaverse plans, and that NFTs are next on the company’s roadmap.
Holder utility: The company says it will use NFTs to reward existing shareholders, and raise brand awareness amongst new Gen Y and Z audiences globally. The NFTs will also be linked to the company’s cannabis strains and will be purchasable in Creso’s metaverse experience inside The Sandbox.
Hot on the heels of NBA Top Shot’s success, which has generated over US$1 billion in sales since launching little over a year ago, the UFC has also partnered with Dapper Labs to immortalize highlights in the form of NFTs.
The utility: Fans can own highlights, and trade them on a secondary marketplace, much like traditional trading cards. Some highlights, featuring LeBron James, are selling for more than US$230 million.
Holder utility: Speculation on value of sales.
While my favourite chocolate bar hasn’t dropped an NFT of its own, it has made novel use of the hype surrounding NFTs, by incorporating NFTs into the brand’s trademark slogan.
While not a company per se, Sam Harris is a brand — he’s an immensely popular author, podcaster, and app developer, and he too, like Nissan, is co-opting NFTs to do good for society.
He’s working with Giving What We Can, and incentivizing folks who give beyond a certain amount with NFTs, that serve as mementos of their generosity.
Holder utility: social status, incentivizing donations.