3 Big Companies that Use NFTs

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Despite the fact that there has been a lot of news in recent times about non-fungible tokens or NFTs, there are still a lot of people questioning what they are actually all about. Well, not only are they an important feature of the current digital landscape but there are also more and more people that use them on a regular basis. Plus, many major brands are getting involved as well. Taking this into account, let’s take a look at just a few of the big companies that have decided to get involved in the world of NFTs.

What is an NFT?

First of all, before you understand the brands that are getting involved, you need to know more about ‘what is NFT?’. Essentially, it works as a certificate of authenticity for a particular digital asset that can be owned. These are protected by blockchain tech, but they do not have a fixed value and you are not able to interchange them as and when you like. There have been many works of art and other digital assets that have changed hands using them. To some, they still create a feeling of bafflement, but many have understood them right from the outset – including a whole host of major brands.

1. Nike and Digital Sneakers

Nike is one of the first adaptors of this particular area of tech, and when a pair of shoes is purchased, this also enables a digital copy to be added to a virtual locker. Essentially, this means that they can be used in digital forums such as in video games and on online sneaker forums. As virtual reality and the metaverse moves ever closer, the value can already be seen in a more and more apparent manner.

2. Coca-Cola and Charitable Auctions

If Nike was going to get involved in NFTs, you could expect that one of the other giant US brands was not far behind it. Coca-Cola made a whole host of their digital assets available in a charitable auction to raise money. Again, there are some digitally wearable objects there, which again gives the impression that the future is going to be a world in which we are going to be caring a lot about what our avatars look like and even be willing to purchase items of clothing for them to wear.

3. NBA and Owning Digital Moments

NBA

The NBA decided that it was ‘moments’ that they wanted to trade in. Essentially, there have been popular moments throughout the history of the sport that is available for purchase. Access is granted to a certificate of ownership, as well as the original clip. Ultimately, this mirrors the ever-popular sports trading card format.

These are just three of the big brands that have decided to enter the world of NFTs. However, in our current direction of travel, there is no thought that they will be the last. There are likely to be more and more that play a part in the future.

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