Corporate Confidence in NFTs Is a Promising Sign for the Tech
Authored by Elijah Pollack, Content & Strategy Associate at Ditto PR.
The future of NFTs is much more than digital art. Possibilities — like digital forms of ID and enhanced loyalty programs — have more and more corporations tailoring their services to support NFTs.
A tailwind for NFTs: Corporations are introducing NFTs into their business models.
- Starbucks launched Starbucks Odyssey, which will soon allow loyalty members to collect NFTs, or digital stamps, as the coffee company calls them. These stamps give holders access to a wide variety of “coffee experiences,” which could include access to “limited edition merchandise, cocktail-making classes, invitations to exclusive events, and trips to Starbucks’ coffee farm in Costa Rica.”
- Disney is looking to hire a legal expert that specializes in transactions involving NFTs, Web3, the metaverse and blockchain, according to an official job posting. Disney has already worked with a number of NFT experts, but many of the details remain elusive.
- FIFA launched FIFA+ Collect, allowing fans to capture moments from the Men and Women’s World Cup. The intention of FIFA+ Collect is to provide fans with an increased sense of community and allow them to capture moments they’ll be able to hold onto forever.
These companies follow successful early NFT adopters Nike and Gucci, who used collectibles to elevate their brands in the crypto space.
- In April, Nike released a collection of 20,000 NFTs called Cryptokicks, with some selling for more than $100,000. The sneaker market is worth more than $70 billion, so it’s no surprise that the world’s largest sneaker company expanded into the digital realm.
- Nike also has recently announced it will launch .Swoosh, a Web3 platform that allows users to buy and sell virtual shoe NFTs, among other articles of clothing. The first collection is set to drop in January. Nike will continue to release details and updates on the project as its development progresses.
- Gucci has released several NFT projects that sold for a pretty penny. SUPERGUCCI, Gucci’s collaboration with Superplastic, sold 1,000 NFTs, each for 1.5 ETH, which was more than $2,500 at the time of the drop.
- Both of these projects established their respective brands in the NFT space and to this day hold value. Like most NFT collectible projects, both Nike and Gucci rely on scarcity for their products. These collections should be used as examples for brands trying to do collectibles moving forward.
Companies see the long-term appeal of NFT technology, and how useful it can be to augment their primary business, interact with customers and allow individuals to have immutable ownership over their digital assets.
NFT technology has a whole lot of white space to explore. As more major entities continue to adopt the tech, innovation in the industry will accelerate, creating growth opportunities for corporations, governments, small businesses and individuals.
