In the year 2021, several well-known brands entered the crypto industry. Below are some renowned names to join the sector.
The year 2021 was an exhilarating one for crypto, with some well and some unanticipated brands joining the space. The year had its set of incidents that had crypto fans on the verge of giving up.
Though many individuals remained to discuss the transformative ability of cryptocurrencies and blockchain in general, it appears that 2021 was the year that the concepts that drive these technologies fully entered public awareness. Traditional players have never been more engaged in this rapidly developing ecosystem, ranging from NFTs to Web3.
Here are several most significant steps taken by large consumer brands to interact with and implement multiple crypto-centric technologies, whether it is as basic as purchasing Bitcoin (BTC) or launching an NFT collection.
Tesla creates a stir by purchasing Bitcoin
Without addressing the news that got most of today's younger and probably older crypto investors engaged in the sector, no list of this sort can be comprehensive. Elon Musk's Tesla made a shocking revelation in February, stating that it has invested $1.5 billion in Bitcoin.This amounted to roughly 8% of Tesla's $19 billion cash and cash equivalent reserves, as reported by the Securities and Exchange Commission in a 2020 filing.
Bitcoin's value jumped after Musk announced his entry into the crypto space, surging from $38,000 to above $57,000 in less than two weeks. Not just that, but Musk unveiled to the world during the year that he had made significant purchases of other assets like Ether (ETH) and Dogecoin (DOGE), but he did not reveal the specific quantities.
Dogecoin is now accepted by the Dallas Mavericks
Mark Cuban's decision in March to enable supporters of his NBA franchise, the Dallas Mavericks, to purchase tickets and other authorized products using Dogecoin, the famous meme cryptocurrency, attracted the interest of crypto investors all over the globe. Whereas the action startled some, it was consistent with Cuban's all-encompassing plan for the emerging altcoin sector, according to those who track the crypto industry deeply.
Throughout 2021, Cuban has identified himself as an "Ethereum maxi," stating that the blockchain's rapidly developing ecosystem could effortlessly be one of the 21st century's largest tech innovations. He also lauded Dogecoin as a preferable means of exchange than Bitcoin publicly.
Nike makes its first foray into the Metaverse
Nike made its crypto entry in December when it disclosed the purchase of virtual sneakers and collectibles brand RTFKT. Nike became the leading producer of athletic-based products in the United States because of the collaboration, and one of the first major apparel brands to join the Metaverse ecosystem.
According to Nike CEO John Donahoe, the company will be able to "serve athletes and creators at the intersection of sport, creativity, gaming, and culture," and also "extend Nike's digital footprint and capabilities."
Adidas is not going to let anyone down
Adidas revealed its entry into the Metaverse in collaboration with a variety of notable NFT projects, which include Bored Ape Yacht Club, Gmoney, and Punks Comic, at the same time as Nike announced.
The first project showcased pieces of the Bored Ape NFT family redesigned to feature Adidas’ classic tracksuit. However, the Gmoney tokens were developed to capitalise on the clout of a famous NFT proponent who was just featured on Fortune's NFTy 50 list.
Punks Comic NFTs, the latest venture from Adidas, intended to merge the world of nonfungible tokens and tangible comic books to produce a unique product of so-called crypto comics.
Clinique introduces a consumer loyalty program based on NFT
Clinique, a cosmetics brand owned by Estée Lauder, launched several NFTs last year to assist enhance the efficiency of its current customer loyalty program and provide more marketing force to its present product range.
Following a major purchase, customers who had registered for the famous beauty brand's reward scheme were able to get these collectibles by just posting their "stories of optimism" on Instagram, TikTok, and Twitter.
Coca-Cola's innovative NFT program
Coca-Cola, one of the world's most renowned brands, launched a special NFT initiative to generate funds for Special Olympics International last year.
OpenSea, a digital collectible marketplace, conducted a three-day auction of Coca-Cola's NFTs from July 30 to August 1 as part of the charity initiative. Tafi, a prominent digital artist and designer, collaborated with NFT to create the collections.
Sotheby's, a luxurious auction house, now takes crypto
Sotheby's, one of the world's most renowned auction houses, stated on May 4 that it would accept Bitcoin and Ether bids (in addition to traditional fiat ones) for Banksy's famous artwork "Love Is In The Air" as part of its "Contemporary Art Sale" exhibition, seeking to make it the first significant auction house to do so.
Sotheby's had previously released an NFT collection named "The Fungible" by digital artist Pak in April. Nifty Gateway, the NFT platform, was used to sell each of the collectibles.
Asics gains from the global NFT craze
Asics, a prominent sports gear company, debuted its first NFT line, "Sunrise Red," to the public in July. Interested customers could buy 189 collectibles covering nine distinct Asics digital footwear goods, comprising the company's most famous styles, like the Gel-Lyte III, Gel-Quantum 360, and Metaracer.
The brand disclosed that the auction revenues would be reinvested directly into the Metaverse through its Digital Goods Artist-in-Residence Program, which has supported multiple partnerships between the company and several known and new digital artists to create the company's next round of NFTs.
