7 Big Brands That Are Dipping Toes Into the NFT Market

NFT stands for Non-Fungible Tokens – it is a type of cryptographic token and every NFT is unique in its way. There are 2 major keywords fungibility and non-fungibility, fungibility is the properties of an asset that can be interchanged with each other whereas non-fungibility is the properties of an asset that cannot be interchanged. Anyone can create their NFT which would be unique and cannot be interchanged. 

NFT are on the list of hot topics these days, many NFT artists turned out into billionaires by selling their collection. Michael Winkelmann is known as Beeple, he created Everydays: the First 5000 days. For Winkelmann’s Everyday series, 5000 images were compiled into one piece, It was purchased by a cryptocurrency investor Vignesh Sundaresan also he is known by the name of MetaKovan, he bought this artwork for around 42,329 Ether.

There are many platforms where people can put their NFTs into auction namely open-sea which is the biggest NFT marketplace, recently Wazirx also launched its NFT marketplace, Rarible is another NFT marketplace where people can sell, create and collect digital items. In India also NFTs are shining like the stars, many Bollywood actors such as Salman Khan, Amitabh Bacchan, Sunny leone launched their NFTs.

Brands that are stepping down into the world of NFT:

1. Coca-Cola

As part of the celebration of International Friendship Day on July 30, Coca-Cola released four NFTs, animated, one-of-a-kind digital artworks that deliver multisensory experiences – and provide surprise items once bought. Coca-Cola entering the metaverse was considered a big hit and appreciated by the fans and the community. In an online auction, a winning bid of $575,883.61 was put down on the brand’s NFT (Non-Fungible Token) collectibles. 

Coca-Cola NFT auction took place on Open sea marketplace where a single loot box was auctioned for 72 hours. Oana Vlad, global senior brand director, Coca-Cola trademark quoted that “Fans of the Coca-Cola brand expect the same iconic and optimistic experiences they’re used to in real life in the digital world”. 

2. Nike

The acquisition announcement of RTFKT studios which it calls “a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming” was done by Nike in the month of December. It was reported in February that a collaboration between FEWOCiOUS and RTFKT to sell real sneakers paired with virtual sneakers sold 600 pairs in just six minutes, earning RTFKT over $3.1 million at the time. Nike CEO John Donahoe announced the acquisition of RTFKT that month as part of the Nike company’s efforts to serve athletes and creators at the intersection of sports, creativity, gaming, and culture.

3. Samsung

With the growth of NFTs Samsung, one of the leading electronics brands is also stepping down into the NFT market. In January 2022 Samsung made an announcement stating that the Samsung 2022 TV lineup will include extensive support for NFTs beginning in the early weeks of January 2022. It is also going to introduce a platform that will help customers to browse, purchase and display their favorite art. Moreover, Samsung will also allow users to showcase their art to the world and the buyers will also have the advantage of knowing the NFT’s history and metadata before purchasing. It has also announced it will launch ‘837X’, a virtual world powered by blockchain in January 2022 in Decentraland, a blockchain-driven metaverse.

4. Lamborghini

Space-Time Memory is the first NFT project of Lamborghini, it collaborated with the artist named Fabian Oefner and created five art pieces. This NFT displays a Lamborghini Aventador shooting towards the stars. A series of NFT space-themed products has been developed in partnership with NFT PRO, which has also applied NFT technology to brands like Adidas, Sotheby’s, and Juventus football club.

5. McDonald’s

McDonald’s aimed to celebrate the 40th anniversary of the McRib by releasing a limited edition of ten McRib NFTs in the US. McDonald’s first-ever NFT promotion commemorated the relaunch of the fast-food restaurant’s limited collection McRib in November 2021.

6. Gucci

With the release of 10 non-fungible tokens (NFT) that will have 50 addition each on Feb. 1, luxury fashion brand Gucci will be the latest to foray into Web 3. Gucci’s head of design Alessandro Michele has co-designed each NFT with Superplastic and each NFT will be given away as a ceramic sculpture made in Italy and designed jointly by Gucci. The NFT drop marks the brand’s first-time releasing toys of this type. The Super Gucci is minted on the Ethereum blockchain. There will be no whitelist for this drop as they want to give everyone an equal chance to purchase it.

7. Adidas

More than $22 million were sold in NFT by Adidas, each Adidas NFT was sold for 0.2 ETH which counts for about $762. This is an NFT partnership with 3 main players in the NFT community namely Bored Ache Yacht Club, Punks comics, and GMoney. In the presale over 20000 NFTs were offered to the public who owns the Adidas tokens. A promise was made by Adidas to reimburse people who lost the gas fee. The NFTs started getting traded on OpenSea with a floor price of 0.9 ETH.

NFTs are very booming these days many projects are stepping down into the NFT marketplace and the public is also getting attracted to NFTs. Anyone can mint NFT by paying the gas fee.