Last year, I had a strong inkling that ‘NFT’ would be a buzzword of 2022 from a bottoms-up. However, I didn’t expect large brands to jump onto this trend like moths to a porch light!
Here’s a few moves from big brands in the NFT space and my quick takes:
Netflix
A couple weeks ago, I wrote a segment around how Netflix could incorporate NFTs into their platform to increase retention and create another revenue stream, using Stranger Things as an example.
Seems like the Netflix team and I are on the same wavelength as Netflix is incorporating NFTs into the Stranger Things franchise.
I was puzzled, now I’m eager for the next one! Well done #Netflix #strangerthings #iamhellsmaster
If you noticed, there’s a partnership with a company called Candy. Who are they? Well, they’re a NFT company that has already partnered with the MLB for digital collectibles, with much more in the pipeline.
Looking forward to seeing how Netflix incorporates the Stranger Things NFTs. Seems like the superfans are engaged!
Gucci
The luxury fashion space continues to push forward in the crypto space. Gucci has recently announced that it would accept crypto in select stores this summer.
What caught my eye was not the headline itself, but rather where, what and how.
Where: NYC, LA, Miami, Atlanta, Vegas
What: The usual suspects like Bitcoin, Ethereum, but also Dogecoin and Shiba Inu
How: “Made with a link sent via email to the customer; the link contains a QR code that allows them to execute the payment from their crypto wallet.”
The ‘where’ makes sense. Metro areas receive a lot of domestic and international traffic. Metro areas = younger customer base, and a higher propensity to be familiar with crypto and open to paying with it. The adoption for mobile payments like Apple Pay or Google Pay are higher in these demos, so paying through QR code is something they’d be open to as well.
I imagine accepting payment in Dogecoin and Shiba Inu makes the finance team a little nervous. However from a social and marketing standpoint, this is an interesting experiment to see how virality and network effects come into play and impact sales. Dogecoin is quite literally a meme coin that went viral after all.
I mean…would I rather use my $DOGE to purchase Gucci, or a S3XY mug from Tesla?
Yikes
Starbucks
Although Starbucks already announced its plans to get into NFTs last month during an employee Town Hall, they publicly announced it on their blog this week.
Some observations:
“Third Place” — I haven’t heard of this term before. Is this Starbucks’ repurposing of the term ‘Web3’ to make it consumer friendly?
“What if Starbucks could create a new, global digital community – a community defined by collaboration, experiences, and shared ownership” — The creation of the ‘Starbucksverse’? And what does ‘shared ownership’ mean for the $85B company?
“We are fascinated by how NFTs allow people to own a programmable, brandable digital asset, that also doubles as an access pass” — Ahhhh, now we’re talking.
“It will come with a host of unique experiences and benefits, worthy of a genesis NFT collection from Starbucks.” — The magic word: Genesis. This will be the first series of probably many to come. Also, the first is always the most valuable :)
Does this also sound a little crazy? Not really. Starbucks has a rabid fanbase. Here are some rare Starbucks 2019 alpaca collectibles only available in China.
Whatever Starbucks is brewing, people will be sure to lap it up. I’ll be in line as well.
Every major consumer brand will be watching closely. If all goes well, announcements about NFTs will be coming from every direction imaginable.
PS
That Elon news from yesterday? Rumors, coincidence, and the typical Elon joke. Or are they… 🤔
A Bored Ape can dream, right?
