Nike, Budweiser, and Tiffany are the newest consumer giants to join the NFT bandwagon. Like many other global businesses placing large bets on NFTs and other Web3 initiatives, these companies are also aggressively charting their course in digital investments to offer exclusive access to their patrons.
Regardless of the "crypto winter," prominent corporations are still making investments and announcing plans to expand into Web3. Examples include Starbucks announcing its Odyssey non-fungible token loyalty program and Disney and Warner Music hiring personnel for Web3 expansions.
Several businesses worldwide have already launched NFT collections and pursued Web3 expansion strategies and investments, including buying virtual properties in the metaverse. The companies investing in Web3 span several industries, with the fashion, beverage, and luxury sectors having the highest representation.
We also took a look at companies that have chosen to use other blockchains to support their Web3 growth in addition to looking at those businesses. Here are a few brands that are already well-known and successful in the realm of Web3.
Nike received a patent for "CryptoKicks," a pair of sneakers that originated on the blockchain before the more mainstream Web3 push started. Nike also conducted a blockchain trial in March 2020 with Macy's and Auburn University's RFID Lab to improve the sharing of product data throughout the retail supply chain.
However, Nike's pivotal action in Web3 was not until December 2021, when it purchased NFT shoe studio RTFKT Studios. The 20,000-piece CloneX NFT collection is the work of RTFKT, which as of this writing, had 436 ETH ($584,240) in trading volume. Holders of CloneX NFT were granted commercial rights by RTFKT in February 2022. As a result, they can now produce derivative works, collect fan art, and produce and market items that feature their avatars.
In April, Web3 kept up its drive deep into the bear market.
Dolce & Gabbana
The "Collezione Genesi" NFT collection from Dolce & Gabbana features nine NFTs, including "The Impossible Tiara," a unique tiara encrusted with diamonds and crimson emeralds. The two-day bidding for the collection on UNXD, a premium marketplace on the Polygon network, brought in about $5.65 million. The most expensive NFT was "The Doge Crown," selling for 423.5 ETH, or almost $1.3 million at the time.
Following the launch's success, D&G and UNXD joined forces to form the DGFamily, an NFT community "for digital luxury and culture."
Tiffany and Co
Tiffany, one of the most traditional luxury companies, made its Web3 debut with CryptoPunks, perhaps one of the most traditional NFT ventures.
Exclusive to owners of CryptoPunk NFTs, Tiffany revealed 250 digital necklaces in August 2022 for 30 ETH apiece (about $50,000 at the time). Holders of these diamond-encrusted pendant NFTs might exchange them for actual chains. The largest sale to date was a Tiffany CryptoPunk necklace that one user sold for almost twice as much, or 55 ETH.
Gucci, an Italian luxury clothing company, has an overall Web3 plan that includes NFTs, metaverse land, investing in a DAO, and accepting bitcoin payments.
In NFTs, Gucci created an NFT film in May 2021 using its Aria clothing line, which sold for $25,000 at Christie's Proof of Sovereignty auction. In February 2022, 1,000 NFTs were released with the toy company Superplastic. Each NFT, which cost 1.5 ETH, or about $2,623 at the time, could be exchanged for an Italian-made ceramic sculpture co-designed by Gucci.
In June 2022, Gucci also invested $25,000 in RARE tokens to join the SuperRare DAO and build a virtual "Vault Art Space."
Finally, as of May 2022, a few Gucci boutiques in the United States began taking several cryptocurrencies, including bitcoin and dogecoin. As of August 2022, apeCoin is also a part of that.
In November 2021, Adidas started investing in Web3. Uncertainty surrounds how the firm obtained the land in The Sandbox; it was either purchased off-chain or given to them. It also joined forces with Coinbase in the same month, albeit no explanation was presented at the time of writing, and as of this writing, none has been.
Then there was a huge splash. With the release of its "Into the Metaverse" NFT drop in December 2021, Adidas made a staggering $23.4 million in a single afternoon. This was done in association with the Bored Ape Yacht Club, NFT originator Pixel Vault of PUNKS Comic, and private NFT collector money.
The "Adidas for Prada re-source," an NFT project that allows fans to contribute their designs, was launched by Adidas and Prada in January 2022 on the Polygon network. As of this writing, it has generated a trading volume of 474 ETH, or roughly USD 616,000.
The publisher of more than 90 periodicals, Time Inc., has been dabbling in cryptocurrencies for a while. In December 2014, it began taking bitcoin for a few specific assets.
Time published three NFTs of its red-bordered magazine covers, which sold for $446,000 ETH during the most recent bull market.
To advance their careers and create a collection for Time's Build a Better Future launch, the firm also teamed with the artist collective FOTO and welcomed Nyla Hayes, the 12-year-old creator of NFT, as its first artist in residence.
Bud Light and Budweiser
The biggest brewing corporation in the world, AB InBev, has invested heavily in Budweiser and Bud Light, two American-born brands.
Budweiser has long dabbled in cryptocurrencies. Budweiser and Coinbase collaborated in May 2014 to launch a bitcoin payments program for concertgoers. In addition, in helping unbanked workers, Budweiser invested an undisclosed sum in blockchain-as-a-service (BaaS) firm BenQ in June 2019.
Last but not least, French clothing company Lacoste entered the Web3 market in June 2022 by introducing their NFT line. The 11,212-piece NFT collection reflects the brand's L1212 polo shirt.
Before entering the Web3 space, Lacoste collaborated with Minecraft to include their apparel line in the well-known world-building game. Roblox and other similar open-world games are frequently referred to as part of the metaverse.