NFTs and the Metaverse
The term metaverse refers to a convergence of the physical world, virtual reality and augmented reality. While large metaverses such as The Sandbox and Decentraland already exist, no one company or organization owns the exclusive rights to the metaverse. In fact, there are several, if not hundreds, of metaverses to choose from. These many virtual spaces do not look, feel, or vibe quite like the other. Metaverses, unlike traditional video games, allow for gamers to own pieces of the virtual world they play in. NFTs are an essential piece to the metaverse, as non-fungible tokens allow for the ownership of digital assets.
Non-fungible tokens allow for consumers to own, purchase and sell digital assets. This includes virtual land in the metaverse. As you may see from the screenshot above, virtual land in the Sandbox may be purchased on OpenSea.
Here in this blog post, we take a look at some of the companies that have already ventured into the metaverse, and take a look at what these companies have done with their metaverse and NFT endeavors.
Budweiser: Early Into the NFT Space
Budweiser’s first-ever NFTs launched on Cyber Monday in November of 2021. The collection consisted of a curated set of 1,936 unique digital cans and sold-out within an hour. The number “1936” is significant to the brand’s story, as 1936 was the first year Budweiser was available in a can. Each non-fungible token acts as a key to Budweiser’s “Budverse,” the brand’s metaverse footprint and home to exclusive offers for Budweiser customers. Although the initial mint sold-out, the collection is available for secondary purchase on OpenSea.
Budweiser has done more than just create their own non-fungible token collection. They have also made significant NFT purchases to continue to spread their brand’s story and message. For example, Budweiser purchased the crypto domain “beer.eth” for 30 ETH, or about $100,000.00, in March of 2022. Budweiser has taken some pretty major steps into the Web3 and NFT community.
It’s NFT Time: Time Magazine Enters Into the Metaverse
Time Magazine has been an early mover in the NFT and metaverse space. In September of 2021, Time Magazine launched their first non-fungible token Collection called TIMEPieces. This collection featured over 40 artists. Owning a TIMEPiece NFT unlocks unlimited access to TIME.com through 2023, provides exclusive invites to Time’s in-person events, and allows the NFT owners access to Time’s special digital experiences. There was a total of 4,676 unique digital pieces and each non-fungible token minted for .1 ETH.
Time Magazine also were the first publication to have a full magazine minted as an NFT. This particular issue has the Ethereum creator, Vitalik Buterin, on the cover. The NFT Time Magazine was airdropped exclusively to select subscribers, but may be purchased on Time’s OpenSea listing.
Time Magazine also collaborated with the top NFT Project “Cool Cats” to create a limited edition digital art collection featuring 400 NFTs. The eight winners of the Time and Cool Cat meme contest each won an NFT. The remaining 492 non-fungible tokens were auctioned off.
Lacoste, the French apparel brand famous for their alligator logo, have jumped into the Web3 game. The apparel company has created a “Genesis Pass” that minted for .08 ETH and quickly sold-out. Each token grants the holder access to the perks and privileges of Lacoste’s Web3 initiative. For example, Lacoste has indicated that the holders of the Genesis Pass will have access to exclusive merchandise, as well as have input in future designs of the company. The NFTs may be purchased on the company’s listing on OpenSea.
The Tommy Hilfiger fashion brand recently provided free NFTs to everyone at their fashion show at New York Fashion Week. Hilfiger partnered with a Web3 company that allowed for minting of non-fungible tokens in under one minute. The attendees did not need to have a crypto wallet. A seemingly perfect way to get NFTs to your customers without the necessity of previous crypto experience.
Adidas is taking the collaborative approach as well when it comes to their NFT and metaverse aspirations. “Into the Metaverse” is a collaborative non-fungible token project between Adidas and Web3 entities gmoney, Bored Ape Yacht Club and PUNKS Comic. The NFT collection provides owners with real-world merchandise, access to exclusive airdrops and more. The non-fungible tokens from this collection can be purchased at the Adidas’s OpenSea listing.
Thank you For a Real Good Time!
Thank you for checking out our blog post! Come back and check us out for more updates on the NFT Art Community! We will also have a bunch more NFT resources, and updates on our Awk Monk Project! And don’t forget to check out the Ultimate NFT Monkey Guide, which can be found here: The Ultimate NFT Monkey Guide.