Top Brands in Web3: Building For The Future Or Hype?
Because of recent controversies in Web3, many might assume that top brands are disassociating or at least slowing down from developing in the space. However, this is far from the truth. Instead, companies are doubling down and unveiling huge projects. Take Nike’s SWOOSH for example. SWOOSH is a blockchain-based platform where its members can collect and create virtual goods like shoes and jerseys that they can wear in their Metaverse. While some big brands are clearly in it for the hype, many brands, like Nike, are building for the future. In this article, we take a look at some of the most interesting Web3 projects coming from big brands.
RTFKT x Nike Dunk Genesis Cryptokicks
Nike, Adidas, and Puma – all three of these brands have entered Web3, but the most committed is Nike which has taken significant steps to innovate with phygital goods (a blend of physical and digital products). Late last year in 2021, Nike acquired Web3 brand RTFKT for an undisclosed figure. This acquisition allowed Nike to launch their Metaverse sneaker line RTFKT x Nike Dunk Genesis CryptoKicks. Upon purchasing the sneaker-designed NFTs, Nike delivered a real-world physical sneaker to rightful owners so they can match their sneakers in the Metaverse.
Nike may be the most invested in Web3 now, but it was Adidas that first entered the space. Adidas made headlines by partnering with Bored Ape Yacht Club, Punks Comic and Gmoney for their Into the Metaverse collection. In essence, Adidas paved the way for Nike by offering a phygital collection where customers could purchase NFTs and receive physical items as well.
Cryptopunk #3167 reimagined as a diamond and rose gold pendant.
Tiffany & Co. is a classic luxury brand that joined the Web3 space last year after launching its line of NFT wearables. They collaborated with CryptoPunks, a legendary NFT project, to launch their collection of digital necklaces exclusively for CryptoPunk holders which sold for over 30 ETH each. After the launch of an NFT collection from Tiffany’s, other luxury brands like Dolce & Gabbana and more followed suit and entered the Web3 space before missing out on the trend (hype).
Disney’s Music Emporium, a virtual storefront created in partnership with Obsess celebrating 100 years of Disney Music
Entertainment industry giants like Disney and Warner Bros are leading the way for Web3 innovation. Not only is Disney bringing out Web3-immersed experiences for its customers, but it is also investing in Web3 startups heavily. Earlier in 2022, Disney unveiled an accelerator program called ‘2022 Disney Accelerator’ where they teamed up with Polygon to work with other tech companies to bring Web3 experiences to their brand. As a result, Disney ended up working with one of the participants ‘Obsess’ to release a Web3-powered virtual online store to celebrate 100 years of Disney Music.
At the same time, Warner Bros launched their limited-edition multimedia NFT collection for its Lord of the Rings franchise. The NFTs gave holders access to bonus footage, commentaries, images, and hidden collectibles to give them a complete Web3 experience. Like Disney, Warner Bros also collaborated with a Web3 startup Eluvio to bring this experience to reality and is keen on launching more NFT experiences in the future.
Food & Beverage
Image Credit: Starbucks
In September 2022, Starbucks unveiled its completely revamped loyalty program called Starbucks Odyssey powered by Web3 technology that uses NFTs and collectibles. In doing so, they became one of the first industry-leading companies to immerse directly into Web3 technology. This program will offer Starbucks Rewards members and Starbucks partners (employees) in the United States the opportunity to earn and purchase digital collectibles that will unlock access to new benefits and immersive coffee experiences.
Despite being in the midst of a “crypto winter,” industry-leading companies are still investing and announcing plans to grow in Web3. From Nike’s phygital collectibles to Warner Music’s blockbuster NFTs, to Starbucks Web3 powered loyalty program many companies are investing in Web3 and building for the future. Previously we saw brands purchasing digital land in Metaverses with no plans for meaningful development but now we are beginning to see projects that offer customers real utility that is beyond hype alone.