Multi-billion dollar brands are pouring money into the Metaverse by purchasing NFTs, buying ENS domains, and using crypto-speak.
Budweiser and Pepsi Get Into NFTs
During the peak of so-called “NFT Summer,” Budweiser became one of the first household names to get involved with crypto. The Ethereum Name Service domain “beer.eth” and a space rocket NFT were used in its Twitter profile.
Budweiser announced its own series of NFTs on Nov. 30, which will include 1,900 digital collectibles. Token owners will be able to access the Budverse, a platform for yet-to-be-announced benefits and rewards.
Budweiser is not the only beverage company entering this market. The Pepsi Mic Drop collection, which will feature 1,893 Ethereum NFTs, has been announced by Pepsi.
Key Takeaways
- Multiple brands like Budweiser, Pepsi, Adidas, and Nike collaborate with crypto and the Metaverse.
- Those efforts are mainly focused on NFTs, interest in crypto domains, and the Metaverse.
- While crypto and NFTs have grown in popularity, some companies have been criticized for their efforts.
A waitlist opened on the company’s website today, allowing users to register their wallets in advance of the upcoming drop on Dec. 14.
Gary Vaynerchuck’s company, VaynerNFT, is assisting Pepsi with the creation of those tokens. Vanierchuck congratulated Pepsi for “embracing one of the most significant technological shifts of our lifetimes,” adding that NFTs can “change the culture of value creation forever.”
Nike and Adidas Engage With Metaverse
Adidas and Nike have both participated in the trend in a rather different area: sportswear.
Adidas bought a Bored Ape Yacht Club token this month for 46 ETH (currently worth $180,000), mirroring Visa’s decision to buy a CryptoPunks NFT in August.
Adidas is also collaborating with two other NFT leaders: the crypto influencer gmoney.eth and the digital comic series PUNKS Comic. Details of those collaborations are not yet known.
Competitor Nike filed several patents for crypto-related virtual goods in November. Earlier, CryptoKicks, physical sneakers with a digital NFT, were patented.
It has also created Nikeland in the sandbox game Roblox, though this effort appears not to use NFTs.
Backlash Against Pro-Crypto Brands
Digital goods took off in October when Mark Zuckerberg’s Facebook changed its name to Meta with the aim of focusing on VR instead of its social network.
The popularity of NFTs was boosted earlier this year by companies like Twitter, TikTok, and Time Magazine launching their own NFT lineups, as well as major auction houses like Christie’s and Sotheby’s conducting high-value NFT auctions.
However, not everyone is happy with brands embracing crypto. Pepsi and Budweiser had a cringe-worthy Twitter discussion this week as a prime example of pushback.
Social media managers for the two companies used the crypto investor term WAGMI (short for “We’re all gonna make it”) and referred to each other as “fren.” Meanwhile, Solana criticized Pepsi’s attempts to engage in crypto by telling it to “stick to sugar water.”
Other companies have faced more significant resistance. Due to backlash over cryptocurrency mining’s environmental costs, Discord scrapped its recent NFT plans. Sega, Ubisoft, and Artstation have all been criticized for similar plans. Kickstarter has also been criticized for this reason, despite the fact that it chose to use a carbon-negative blockchain.
Some of the most recognizable global brands may become more involved in crypto despite those controversies.