Major Corporations Are Interested in Cryptocurrency and Metaverse Hype

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Multibillion-dollar corporations are racing into the Metaverse, buying NFTs, ENS domains, and adopting crypto-speak.

Budweiser and Pepsi enter the NFT market.

Budweiser became one of the first mainstream brands to engage with crypto in August, amid the height of so-called “NFT Summer.” It purchased the Ethereum Name Service domain “beer.eth” as well as a space rocket NFT, which it used on its Twitter profile.

On Nov. 30, Budweiser followed suit by introducing its line of NFTs, which would include 1,900 digital collectibles. In addition, the “Budverse,” a platform with yet-to-be-announced features and prizes, will be accessible to owners of these tokens.

Budweiser isn’t the only beverage manufacturer venturing into this territory. For example, Pepsi has unveiled its NFT collection, dubbed “Pepsi Mic Drop,” with 1,893 Ethereum NFTs.

A queue launched today on the company’s website, letting customers register their wallets for the forthcoming drop on December 14.

Gary Vaynerchuck’s VaynerNFT is assisting Pepsi with the creation of those tokens. Vaynerchuck praised Pepsi for embracing one of the most significant technological shifts of our lifetime, saying that NFTs had the potential to change the culture of value creation forever.

Nike and Adidas Are Getting Involved in the Metaverse

Other instances may be seen in a completely different industry: sportswear, where Adidas and Nike have joined the trend.

Adidas purchased a Bored Ape Yacht Club token for 46 ETH (now worth $180,000) earlier this month, mirroring Visa’s purchase of a CryptoPunks NFT in August.

Adidas collaborates with two other NFT leaders: gmoney.eth, a crypto influencer, and PUNKS Comic, a digital comic series. However, the specifics of such partnerships remain closed.

In November, Nike, a rival, filed multiple patents for crypto-related virtual products. The business has previously patented CryptoKicks, actual sneakers with a digital NFT.

Nike has also constructed Nikeland in the Roblox sandbox game, albeit this effort does not seem to utilize NFTs.

Pro-Crypto Brands Face Backlash

In October, Mark Zuckerberg’s Facebook changed its name to Meta in order to concentrate on virtual reality rather than its social network, accelerating the trend of digital commodities.

Popular firms such as Twitter, TikTok, and Time Magazine all launched their own NFT lineups earlier this year, while big auction houses such as Sotheby’s and Christie’s held high-value NFT auctions.

However, not everyone is pleased with firms’ embrace of cryptocurrency. This week, Pepsi and Budweiser tried a Twitter debate as an example of resistance.

The firms’ digital marketers addressed each other as “fren” and utilized the crypto investor slogan WAGMI (short for “We’re all going to make it”). Pepsi’s efforts to interact with bitcoin were mocked by Solana, who advised the company to “stick to sugar water.”

Other businesses have faced more serious opposition. Following outrage over digital currency mining’s environmental effects, Discord canceled its recent NFT ambitions. Sega, Ubisoft, and Artstation, among others, have received similar criticism for their NFT ambitions. Even though it elected to employ a carbon-negative blockchain, Kickstarter has been chastised for this reason.

Despite the difficulties, substantial crypto acceptance in the real world may lead to more involvement in the area by some of the world’s most well-known worldwide businesses.

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