- Several brands including Budweiser, Pepsi, Adidas, and Nike are engaging with crypto and the metaverse.
- Those efforts are primarily focused around NFTs, along with interest in crypto domains and the Metaverse.
- Despite the rising popularity of crypto and NFTs, some companies have seen backlash for their efforts.
Multi-billion dollar brands are rushing into the Metaverse by purchasing NFTs, buying ENS domains, and adopting crypto-speak.
Budweiser and Pepsi Get Into NFTs
In August, during the peak of so-called “NFT Summer,” Budweiser became one of the first household names to get involved with crypto. It bought the Ethereum Name Service domain “beer.eth” and a space rocket NFT and used both in its Twitter profile.
Budweiser continued the trend on Nov. 30 by announcing its own series of NFTs, which will feature 1,900 digital collectibles. These tokens will grant owners access to the so-called “Budverse,” a platform for yet-to-be-announced benefits and rewards.
Budweiser is not the only beverage company making forays into this space. Pepsi announced its own NFT collection called “Pepsi Mic Drop,” which will feature 1,893 Ethereum NFTs.
Today, a waitlist on the company’s website opened, allowing users to register their wallets for the upcoming drop set for Dec. 14.
VaynerNFT, headed by Gary Vaynerchuck, is helping Pepsi create those tokens. Vaynerchuck congratulated Pepsi for “embracing one of the most significant technology shifts of our lifetime,” adding that NFTs can “change the culture of value creation forever.”
Nike and Adidas Engage With Metaverse
Other examples abound in a rather different sector: sportswear, where Adidas and Nike have taken part in the trend.
In addition to that purchase, Adidas is working with two other NFT leaders: the crypto influencer gmoney.eth and the digital comic series PUNKS Comic. Details of those collaborations are still unknown.
Meanwhile, competitor Nike filed several patents for crypto-related virtual goods in November. Much earlier, the company patented CryptoKicks, physical shoes paired with a digital NFT.
The company has also created Nikeland in the sandbox game Roblox, though this effort does not seem to make use of NFTs.
Backlash Against Pro-Crypto Brands
The trend of digital goods was taken into overdrive in October when Mark Zuckerberg’s Facebook changed its name to Meta with the intent of focusing on VR rather than its social network.
NFTs were specifically given a boost earlier in the year as popular companies like Twitter, TikTok, and Time Magazine minted their own NFT lineups, and as major auction houses like Sotheby’s and Christie’s handled high-value NFT auctions.
However, not everyone is happy about brands cozying up to crypto. A prime example of pushback was seen this week, as Pepsi and Budweiser attempted a cringe-worthy conversation on Twitter.
The companies’ social media managers used the crypto investor term WAGMI (short for “We’re all gonna make it”) and addressed each other as “fren.” Solana, in turn, derided Pepsi’s attempts to engage with crypto by telling it to “stick to sugar water.”
Other companies have seen more significant pushback. Discord scrapped its recent NFT plans following backlash around the environmental costs of cryptocurrency mining. Other companies with NFT plans such as Sega, Ubisoft, and Artstation have faced similar criticism. Even Kickstarter has been criticized for this reason even though it chose to use a carbon-negative blockchain.
Despite those controversies, widespread crypto adoption in the real world may result in some of the most recognizable global brands getting more involved in the space.
Disclaimer: At the time of writing, the author held BTC, ETH, and other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Someone Just Spent $10M in Ethereum on a Rare CryptoPunk NFT
CryptoPunk #4156 sold for $10 million today, making it one of the most expensive sales in the collection’s history. Rare CryptoPunk NFT Fetches $10M A rare ape CryptoPunk just sold…
Mafia Metaverse SYN CITY Unveils Initial Game Offering on Binance NFT
Play-to-earn blockchain game SYN CITY will be launching its Binance mafia metaverse via the Binance Initial Game Offering (IGO) on Dec. 9th, at 4 pm UTC. The SYN CITY Team…
Ubisoft Launches In-Game Ghost Recon NFTs on Tezos
French gaming giant Ubisoft has announced its first series of in-game NFTs, as seen in a tweet from the company today. Ubisoft Launches In-Game NFTs Introducing Ubisoft Quartz ?We’re bringing…
Investing Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…