Which Companies Invest in NFT?
NFTs, or non-fungible tokens, are digital assets that represent unique and scarce items such as art, music, collectibles, games, and more. NFTs are powered by blockchain technology, which ensures their authenticity and ownership. NFTs have exploded in popularity and value in recent years, attracting the attention of celebrities, artists, investors, and corporations.
But which companies are investing in NFTs? And what are their motivations and strategies? In this blog post, we will explore some of the major players in the NFT space and how they are leveraging this new form of digital asset.
1. Visa
Visa, the global payment giant, made headlines in August 2021 when it announced that it had purchased a CryptoPunk NFT for $150,000. CryptoPunks are one of the earliest and most iconic NFT projects, consisting of 10,000 pixelated characters with different traits and rarities. Visa's CryptoPunk is a female character with green eyes, a mohawk, and lipstick.
Visa's move was seen as a sign of mainstream adoption and validation of NFTs. According to Cuy Sheffield, Visa's head of crypto, the company wanted to "learn more about the infrastructure requirements for a global brand to purchase, store, and leverage an NFT." Visa also sees NFTs as a potential opportunity to expand its payment network and enable new forms of commerce and creativity.
2. Twitter
Twitter, the social media platform, has been closely involved with the NFT space since its inception. Many prominent NFT creators and collectors use Twitter as their primary channel to showcase and promote their work. Twitter itself has also experimented with NFTs in various ways.
In June 2021, Twitter launched its own collection of 140 NFTs (a nod to its original character limit) featuring different versions of its logo and mascot. The NFTs were given away for free to lucky users who replied to Twitter's tweets. The NFTs were minted on the Rarible platform and can be viewed on OpenSea, the largest NFT marketplace.
In October 2021, Twitter announced that it would enable users to verify their NFT profile pictures on its platform. This feature would allow users to prove that they own the NFTs they use as their avatars and display a special badge next to their names. Twitter said that this feature would be rolled out gradually and would support various NFT platforms.
3. Disney
Disney, the entertainment behemoth, has also entered the NFT space with its own collection of digital collectibles. In November 2021, Disney partnered with VeVe, an app that allows users to buy, sell, and display NFTs in augmented reality. Disney launched a series of NFTs featuring some of its most iconic characters and franchises, such as Mickey Mouse, Elsa from Frozen, The Simpsons, Marvel, and Star Wars.
Disney's NFTs are not only meant to appeal to fans and collectors but also to offer exclusive benefits and experiences. For example, some of the NFTs come with a three-month subscription to Disney+, Disney's streaming service. Some of the Star Wars NFTs also grant access to a special screening of Star Wars: The Rise of Skywalker at Walt Disney World Resort.
4. Nike
Nike, the sportswear giant, has also shown interest in NFTs and how they can enhance its brand and products. In December 2019, Nike secured a patent for CryptoKicks, a system that would allow users to create and trade digital shoes using blockchain technology. The patent describes how users could buy a physical pair of shoes and receive a corresponding digital version as an NFT. Users could then customize, trade, or sell their digital shoes on a platform.
In November 2021, Nike took another step into the NFT space by acquiring RTFKT Studios, a leading digital fashion brand that creates virtual sneakers and clothing. RTFKT Studios has collaborated with various celebrities and influencers to create viral NFT collections such as FEWOOSHIS (inspired by sushi) and Clone X (inspired by cyberpunk). Nike said that it plans to leverage RTFKT Studios' expertise and technology to "bring authentic digital products experiences" to its customers.
These are just some of the examples of how companies are investing in NFTs and exploring their potential. As the NFT space continues to grow and evolve, we can expect to see more innovation and creativity from both established brands and newcomers.