Big Brand NFTs | 6 Big Brands in the NFT Space

A sure sign of crypto maturing is mainstream brands showing signs of adoption, and that’s been especially apparent with NFTs, which can be used in various ways.

NFTs are distinct because they’re often centered around a visual or artistic element, but at the same time, they’re absolutely a part of the crypto world, and so they can easily act to onboard people into crypto more generally.

There’s been a lot of activity around mainstream brands and web2 platforms integrating NFTs and web3 concepts, and some notable developments are unfolding.

Reddit

Image credits: Reddit

One of the NFT stories of the year, that has bucked the bear market trend, is Reddit’s foray into the JPEG world. Reddit doesn’t actually call its items NFTs, they’re referred to as Collectible Avatars, but, well, they’re NFTs, and fall most closely into the PFP category.

The Reddit NFT marketplace has only been active since July, but Reddit’s NFTs have now done over $10 million in sales volume. This all came as a shock, since mention of NFTs doesn’t always elicit a positive response in non-crypto social media circles.

However, if it indicates a shift in general sentiment, then perhaps all it took was a minor rebranding. Either way, we have a huge platform making use of NFTs and onboarding users into web3.

Reddit Collectible Avatars are on the Polygon blockchain, and they can be traded on OpenSea and elsewhere, just like any other Polygon NFTs.

Instagram

Image credits: Instagram

It was announced this month that Instagram will allow creators to mint, showcase and sell NFTs within its platform. This makes sense, since Instagram is owned by Meta, which, as we know, is all-in on the metaverse, which by extension means all-in on digital assets.

Instagram has a habit of referring to NFTs as digital collectibles, so it looks like, as at Reddit, new terminologies are gaining traction where web2 meets crypto. Another similarity with Reddit is Instagram’s decision to utilize Polygon for its NFTs.

Initially, Instagram’s new feature will only be open to selected creators and artists, so we’ll have to wait and see whether it rolls out more widely.

This is not Instagram’s first integration of NFTs, as since May, it has–along with Facebook–allowed users to connect a wallet and display NFTs, and there are plans to expand support to include Solana and the Phantom wallet (Ethereum, Polygon and Flow are currently supported).

Starbucks

Image credits: Starbucks

Coffee and NFTs have always gone well together, and now Starbucks is getting into the web3 shift. Announced back in September, the move is called Starbucks Odyssey, and it utilizes NFTs as part of a loyalty program.

The idea is that rewards stamps come in the form of NFTs, which can be earned and traded, and which unlock benefits and coffee-related experiences. There will be limited edition stamps and a marketplace, and purchases can be made with a credit card rather than with crypto.

The project is due to launch this year, and there is a waitlist open for current Starbucks Rewards members.

Toys R Us

Image credits: Toys R Us

Another huge brand showing interest in NFTs, and perhaps inducing some nostalgia, is Toys R Us. The famous toy store already released an NFT collection last year, and, more recently, has worked with Vee Friends, along with Macy’s, on physical collectibles.

It now appears that Toys R Us is pushing forward with more NFT-related plans, having set up a Toys R Us NFT Twitter account and indicated that it will be working with Solana. The project is being implemented in collaboration with a web3 creative agency called Anybodies.

There are no firm details about exactly what Toys R Us are working on, but, going by the company’s second tweet (of only two) it looks like they’re going phygital.

One potential issue is that there is concern around the future of Solana, due to the fallout from catastrophically imploding crypto exchange FTX, so we’ll have to keep an eye on that developing situation.

Shopify

Image credits: Shopify

Earlier this year, leading ecommerce platform Shopify integrated NFTs, allowing users to mint, sell and trade NFTs as part of their business, with what’s being called tokengated commerce.

Shopify utilizes Venly, which markets itself as a blockchain-agnostic service provider, with Avalanche as the latest addition to its supported blockchains. Venly allows brands and projects to easily integrate crypto and NFTs, and lets buyers pay with credit cards rather than crypto.

Some big NFT projects have partnered with Shopify, including Doodles, Cool Cats, and World of Women, while traditional entities using the NFT service include Budweiser and the Chicago Bulls.

It’s worth keeping in mind that these integrations have all been occurring during what’s been a very rocky year for crypto, suggesting genuine belief in the long-term benefits of NFTs and blockchain development. However, the program is still in its beta phase, and is only available in the US.

Polygon

Image credits: Polygon

A special mention must go to the Polygon network, which sometimes appears to be onboarding the whole of web2 into crypto.

Polygon is a leading Layer 2 sidechain running alongside the Ethereum blockchain, offering low-cost transaction fees and enhanced scalability. The native token of the Polygon network is Matic.

Of the developments listed above, Starbucks, Reddit and Instagram are all utilizing Polygon, and it’s integrated–through Venly–with Shopify. Some other big names working with Polygon include Mercedes-Benz, Stripe, Adobe, and the NFL, taking in use cases as wide-ranging as data sharing, payments, and NFT collections.

To find out about NFT, gaming and metaverse development that’s happening on Polygon, and how that ties in with existing brands, it’s a good idea to keep up to date with Polygon Studios.