Brands and Crypto in 2022

Crypto adoption is moving incredibly fast, and a good indicator of this progress is how mainstream it becomes for brands to launch new projects using the technology. 2022 saw a new wave of well-known brands testing the waters despite the bear market and a few loud scandals in the crypto sphere. In this article, we are going to see what their ventures look like.

Gucci

In May of 2022, some Gucci stores began to accept payments in cryptocurrencies. Their customers got the opportunity to use such coins as Bitcoin (BTC), Wrapped Bitcoin (WBTC), Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), Litecoin (LTC), and USD-pegged stablecoins. According to the fashion house, there is great demand for such a payment method among its clients.

Moreover, the Italian luxury brand has worked with Sandbox on a Metaverse experience called “Gucci Vault Land” during the Sandbox Alpha Season 3. The users had the opportunity to get to know the brand’s history, play games, and purchase NFTs from a limited collection.

Budweiser

In 2022, the large beer manufacturer collaborated with Zed Run, a virtual horse racing site. Together, the companies launched a new race track, as well as special NFT passes. What is more, there were prize pools that started from $45,000 and NFT skins airdrops.

Continuing with the theme of sports, Budweiser, one of the main sponsors of the World Cup 2022, had an NFT collection to celebrate the event. Holders got access to exclusive merch, a special discord channel, and to a football-themed mini-game.

Dolce & Gabana

In May, another luxury brand and a virtual fashion company UNXD partnered with Chainlink for the DGFamily Glass Box NFT collection. Digital collectibles allow buyers to access exclusive drops and experiences both in the virtual and physical form.

What is more, the fashion house participated in the Metaverse Fashion Week.

NYX

The cosmetics brand also participated in the Sandbox Alpha Season 3 in 2022. The goal of the project was to bring some diversity to Web3 by creating bright and colorful NFT avatars that represent people of different ethnicities and sexuality. The company worked together with POC (People of Crypto) and minted over 8,000 NFTs.

L’Oreal, NYX’x parent brand did a somewhat similar campaign in 2021; the team aimed at empowering women in the crypto sphere by launching an NFT collection designed by female artists.

Adidas

In 2022, Adidas launched a blockchain-based wearable collection which became available on the company’s website. The digital outfits include 16 different items for virtual avatars.

The athleisure brand has collaborated with such projects as Bored Ape Yacht Club, Gmoney, and Punk Comic. Also, Adidas made an NFT collection with Prada and a digital artist Zach Lieberman.

Walmart

The retailer took an unusual approach; the team decided to attract the attention of its Gen Z customers and enter the Metaverse together with a gaming platform Roblox. The activities included a Netflix trivia on Stranger Things with an actor from the show, various immersive games with popular toy characters, and a virtual concert with such artists as Madison Beer, Yungblud, and others.

Conclusion

While wider acceptance of crypto is often seen as a virtue and a definite sign of technical progress, some users and experts have doubts. In their opinion, corporatization of the industry might lead to smaller entities losing their voice and influence. In other words, equal opportunities promised by crypto will be taken away by giant companies.

At the same time, the approach that most corporations took as of now, is trying to be inclusive, and bring more diversity and support to digital creators.

The overall trend of an increasing number of businesses adopting crypto is likely to persist despite the bear market, and we will probably see more Web3 projects. If you are interested in reading more on this topic, we at SimpleSwap have written about crypto and sports, food, celebrities, and the music industry. We are going to keep you informed, so do not miss out on our new articles.