Digital Footprint: How Brands Use NFTs
We've already covered what NFTs are and how they work.wroteToday, we'll share several examples of how well-known global brands are using non-fungible tokens. We'll explain who is using this technology and how, making money from it, and even launching their own NFT markets.
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On the one hand, the debate about whether NFTs are art continues. On the other, it's quite clear that NFTs are now exactly like Bitcoin was eight years ago. Those who decide to invest a few dollars in unique digital certificates are planning to turn their small investment into millions.
NFT token instead of an avatar?
Yes, it's already a reality. Twitter, January 20, 2022 presented a new feature for iOS users: they can link an NFT to their avatar. Twitter users who have a crypto wallet can use [NFT] instead of [image] or [image] in the profile editor.
Development of this update began last fall. The feature is planned to be available on Android soon. Using an NFT token instead of an avatar is definitely a trend.
However, experts believe the value of this opportunity will increase when NFT use becomes widespread. And social media plays a key role here.
"Space" tokens from Lamborghini
Major global brands are fueling the NFT hype. For example, Lamborghini is launching its own unique collection of non-fungible tokens. The luxury supercar maker will be selling a unique material used for racing car bodies, which was delivered to the ISS (408 km from Earth) for research purposes two and a half years ago.
The company plans to create five keys from a piece of the "space" composite, which will be auctioned off. Each key will be accompanied by an exclusive NFT digital image.
Lamborghini partners with NFT PRO to develop a new direction in the field of digital assets.
It is also known that two years ago, in collaboration with BIT STAMPS, the automaker released a unique series of digital postage stamps.
Other automotive giants are not far behind. In August 2021, German carmaker Porsche auctioned off an exclusive car sketch as a digital object created by Peter Varga, its director of exterior design. Around the same time, Audi launched a limited-edition NFT collection in China based on the project's protocol and platform.
Nike vs. Adidas in the NFT Market Battle
In December 2021, Nike actively engaged in the exploration of the metaverse. In record time, the company reached an agreement to acquire RTFKT Studio, an innovative brand that creates unique virtual products.
Nike needed this to create its own projects and develop existing ones related to NFTs and metaverses. But the main driving force was likely its eternal rivalry with Adidas. As is well known, the company sold $23.5 million worth of NFTs in the metaverse in collaboration with Bored Ape Yacht Club (BAYC), GMoney, and PunksComic.
The battle for the NFT market is fierce. RTFKT doesn't just issue its own NFT drops. The studio is a pioneer in the field of merging physical and virtual fashion.
The investment in RTFKT, according to John Donahoe, the company's president and CEO, provides an opportunity for Nike, Inc. to strengthen its "digital footprint."
RTFKT's first project in its new status is the release of updated digital avatars for various metaverses. The plan is to launch these as 3D clones, models with updated parameters, that can be downloaded in various formats.
RTFKT's CloneX Mintvial collection was created in collaboration with world-renowned Japanese artist and designer Takashi Murakami. Tokens are available on leading NFT marketplace OpenSea.
Gucci and Superplastic Collaboration
Italian fashion house Gucci, in collaboration with Superplastic, has developed and released a line of designer NFT toys. The idea for these collectible ceramic figurines came from Gucci's creative director, Alessandro Michele.
The Supergucci release consists of three parts. The first includes 10 limited-edition NFT tokens. Along with the NFT, buyers will receive an original, handcrafted, 8-inch ceramic toy. The token distribution is scheduled for February 1, 2022, via Superplastic and Gucci Vault.
NFTs are turning into social clubs
A fun concept has been created that allows you to find other NFT owners in your collection on a map.
For example, the owner of an item from the BAYC collection can find other owners on the map and get to know them. And that's not a bad idea fornetworkingfuture.
Conclusions
As we can see, major brands are skillfully leveraging the NFT market to strengthen their businesses, generate additional profits, and promote their brands. All of this can be considered an example of diversified company growth, which involves developing multiple business lines. This allows for a stronger market presence.
