It is no secret that nonfungible tokens (NFTs) are still a niche subject. Despite their rapid surge in popularity during 2021, there is still a sig
It is no secret that nonfungible tokens (NFTs) are still a niche subject. Despite their rapid surge in popularity during 2021, there is still a significant percentage of people who do not know what an NFT is. Reflecting on the graph below, it is evident that a lot of work needs to be done for NFTs to truly hit the mainstream.
However, it is clear from recent months that there is potential for this to happen, and there have been many signs of awareness and adoption which I will discuss in this article.
Celebrities
Celebrities have been a key proponent in the rise of NFTs. Initially, the NFT space began with artists, creators and traders, all of whom set the foundations for what the NFT space is today. Since then, notable figures have also entered the space, whether it be via creating their own projects or simply collecting. The influx of celebrities in recent months has been extremely valuable in terms of expanding the reach of NFTs but, in the NFT space, everyone starts from square one and value does not arise from influence. For many celebrities that created NFT collections without considering the long term, their NFTs have failed to sustain value, therefore reinforcing this point.
There is a difference between celebrities that have provided value and those who have sought to profit from the space. Take, for example, Pharrell Williams, Snoop Dogg, Jimmy Fallon, Tom Brady, Paris Hilton, Post Malone, The Weeknd, Stephen Curry, Lil Baby, Timbaland and DJ Khaled. They are all celebrities who have bought into collections and displayed them as their profile pictures.
These celebrities have certainly been a major catalyst for the growth of the NFT space, and as the number of celebrities in the space snowballs, there is no doubt that their influence will help to cement the crypto culture into the mainstream. But, most importantly, they are joining us — they are not changing the dynamics or making the rules. The NFT space is a collaborative effort, and we are building value together.
Related: Celebrities are embracing NFTs in a big way
Adidas
Perhaps the most significant mainstream bridge to date has been the Adidas partnership with Bored Ape Yacht Club, Gmoney, and PUNKS Comics. In a move that shook the NFT world with excitement, Adidas launched a new Twitter account, Adidas Originals, with these new partners to discuss their plans.
In this space, they announced a number of important things — firstly, their plans for entering the Metaverse, a digital world that will allow users to interact virtually in the future. To illustrate their idea, they released a trailer that depicts Adidas’ Bored Ape and representations of its new partners seamlessly traveling through the sky and into the Metaverse.
Today we leap Into The Metaverse with @BoredApeYC, @gmoneyNFT & @punkscomic.
It’s time to enter a world of limitless possibilities.https://t.co/LmgtrRn20c pic.twitter.com/40kU8tayrS
— adidas Originals (@adidasoriginals) December 2, 2021
Related: Just buy it: Nike wants to bring sneakerheads into the Metaverse
The Adidas Originals account also changed its profile picture to the newly purchased Bored Ape Yacht Club NFT #8774, a very specific blue ape they named Indigo Herz, with heart glasses and a fisherman’s cap, would be the face of its brand in the Metaverse.
Why is this so groundbreaking?
Thus far, the NFT space has been comprised of individuals. Whether it be regular traders, creators or even celebrities, it has been the individuals who have pushed the space forward. Now enter Adidas, a traditional and mainstream brand that has four million Twitter followers and 26 million followers on Instagram. The presence of this one brand has the power to bring more eyes to the space than all of the individuals combined, thus spurring the growth of NFTs significantly.
Related: NFTs as micro-social networks: The path to crypto adoption
To further this vision, Adidas also partnered with Coinbase, the leading cryptocurrency exchange platform. Additionally, it also partnered with The Sandbox, one of the most popular metaverse games. In a tweet, Adidas showcased its very own Sandbox plot, a piece of digital land which officially cements its position inside this metaverse.
Hey @adidasoriginals, impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?https://t.co/xQrfAWHBky pic.twitter.com/fTCaqf6fho
— The Sandbox (@TheSandboxGame) November 22, 2021
Ubisoft
Ubisoft was the next big company to follow the Web3 route this week when it announced that Ubisoft Quartz will be available on the Tezos blockchain. The premise of the platform is that users will be able to buy and sell in-game items named “digits” using cryptocurrencies. This is significant because it will grant players ownership of their in-game items, which within regular games would only be available within and be dependent upon those games’ own individual ecosystems, as opposed to the blockchain, which…
cointelegraph.com