In the year 2021, a number of well-known top consumer brands started using crypto in 2021. Here are some of the most well-known names to have entered the space.
A number of well-known and unexpected businesses entered the crypto market in 2021. This made it an interesting year for the industry. Here’s to you, Charmin, with your nonfungible toilet paper tokens (NFTs). There were plenty of instances this year that kept crypto aficionados on the edge of their seats.
Furthermore, it appears that 2021 was the year that the concepts that underpin these technologies fully entered the common mind. Traditional players have never been more interested in this rapidly developing ecosystem, ranging from NFTs to Web3.
Here are the most significant steps taken by large consumer brands to engage with and implement various crypto-centric technologies. Some of these are as simple as purchasing Bitcoin (BTC) or launching an NFT collection.
Tesla creates a stir by purchasing Bitcoin.
No list of this kind would be complete without including the news that piqued the curiosity of most crypto investors. Elon Musk’s Tesla made a shocking revelation in February, stating that it has invested $1.5 billion in Bitcoin. This amounted to approximately 8% of Tesla’s $19 billion cash and cash equivalent reserves. This was as reported by the Securities and Exchange Commission in a 2020 filing.
As a result, Bitcoin’s value skyrocketed after Musk announced his entrance into the realm of cryptocurrency. It soared from $38,000 to nearly $57,000 in less than two weeks. Furthermore, Musk announced to the world that he had made significant purchases of other assets. Cryptocurrencies like Ether (ETH) and Dogecoin (DOGE), but he did not divulge the specific quantities.
The Dallas Mavericks have begun to accept Dogecoin.
Mark Cuban’s decision in March to allow supporters of his NBA team, the Dallas Mavericks, to purchase tickets and other licensed items using Dogecoin. The popular joke cryptocurrency piqued the interest of crypto investors all over the world. While the move surprised some, it was entirely consistent with Cuban’s all-encompassing vision for the embryonic altcoin sector.
Throughout 2021, Cuban reportedly characterized himself as an “Ethereum fanatic”. He claims that the blockchain’s rapidly expanding ecosystem may easily be one of the 21st century’s largest tech revolutions. He also praised Dogecoin as a better medium of exchange than Bitcoin in public.
Nike, one of top consumer brands started using crypto makes its first foray into the Metaverse.
The company Nike made its crypto debut in December. It announced the acquisition of virtual footwear and collectibles firm RTFKT. Nike became the leading manufacturer of athletic-based items in the United States. As a result, they become one of the first big-name apparel firms to enter the emerging Metaverse ecosystem.
Their CEO John Donahoe stated that the new partnership will allow the firm to assist athletes and creators. In addition to culture as well as expand Nike’s digital presence and capabilities.
Brands using crypto: Adidas joined as well.
Around the same time as Nike announced its foray into the Metaverse. Adidas announced a partnership with a number of notable NFT ventures, including Bored Ape Yacht Club, Gmoney, and Punks Comic.
In addition, pieces from the Bored Ape NFT family were repainted to showcase Adidas’ famous tracksuit in the first venture. The Gmoney tokens were created to capitalize on the clout of a famous NFT proponent. This was just featured on Fortune’s NFTy 50 list.
Punks Comic NFTs, a new offering from Adidas, aimed to blend the worlds of nonfungible tokens and actual comic books together to produce a unique offering of so-called crypto comics.
Clinique has launched a consumer loyalty program based on NFT.
Clinique, a cosmetics business owned by Estée Lauder, issued a few NFTs last year to help improve the performance of its existing customer loyalty system and add more marketing weight to its existing product line.
Following a major purchase, consumers who had signed up for the popular cosmetic brand’s rewards program were able to get these artifacts by just sharing their “tales of optimism” via Instagram, TikTok, and Twitter.
Coca-groundbreaking Cola’s NFT program.
Coca-Cola, one of the world’s most brands started using crypto. It launched a special NFT initiative to generate funds for Special Olympics International last year.
OpenSea, a digital collectible marketplace, held a three-day auction of Coca-NFTs Cola’s from July 30 to August 1 as part of the philanthropic endeavor.
Sotheby’s, a prestigious auction house, now takes cryptocurrency.
One of the world’s most prestigious auction houses, Sotheby’s announced 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, making it the first major auction house to do so.
Sotheby’s had previously issued an NFT collection titled “The Fungible” by digital artist Pak in April.