- How Nike Conquered the Web3 Space, Sotheby's Secondary Marketplace, and More
How Nike Conquered the Web3 Space, Sotheby's Secondary Marketplace, and More
Nike, a global leader in athletic footwear, apparel, and equipment, recognized the potential of NFTs and Web3 technologies to bolster its digital presence and offer novel experiences for customers. The brand's challenges included staying competitive in a rapidly changing digital landscape, expanding its digital offerings, creating unique and exclusive digital products, and fostering a thriving digital community and marketplace. Nike's strategy comprised launching an NFT marketplace, collaborating with renowned artists and designers, utilizing smart contracts for exclusive perks, and nurturing a loyal community of customers and collectors.
Nike Dunk Genesis Cryptokick
The brand's venture into the NFT and Web3 space yielded impressive results, including increased brand engagement, high-value digital assets, widespread media coverage, and a robust digital community. Digital sneaker and apparel drops attracted numerous customers and collectors, heightening brand interest and loyalty. The scarcity and exclusivity of Nike's NFT offerings drove demand, with some items fetching thousands of dollars on secondary markets. The company's innovative approach also garnered attention from major news outlets and industry publications, solidifying Nike's position as a digital pioneer.
WEB3 WISDOM OF THE WEEK
NFTs, or Non-Fungible Tokens, are unique digital assets that represent ownership of an item, like art or collectibles, on a blockchain. They're revolutionizing digital ownership and commerce by allowing for verifiable scarcity and provenance.
TWEET OF THE WEEK
CoinMarketCap to make “Shark Tank” but for crypto and web3 startups. "Killer Whale" will allow entrepreneurs to pitch ideas to a panel of judges.
— whalechart (@WhaleChart)
May 1, 2023
WEEKLY WRAP UP
Get ready, digital art collectors! The world of NFTs just got a little more interesting. Blur, a leading NFT marketplace, is now letting you borrow Ethereum using your precious JPEGs as collateral. Introducing Blend, a new peer-to-peer lending protocol that lets you take loans on your NFTs and even lets others earn interest by lending out their ETH. The best part? These loans don't have deadlines, so you can keep the party going until you decide to pay up or swap lenders. Who knew that your digital doodles could help you score some extra cash? Time to start hoarding those pixelated masterpieces!
Key takeaway: Blur's new Blend lending protocol lets NFT collectors borrow Ethereum using their digital assets as collateral.
Sotheby's is taking the digital art world by storm, launching a secondary marketplace for NFTs because, well, why not? With their sights set on becoming the go-to place for fine art in the digital realm, Sotheby's Metaverse is dipping its toes into the controversial topic of artist royalties. They've decided to honor on-chain royalty rates, which is a win for artists in the NFT universe. The auction house is also partnering with digital art collector Cozomo de' Medici to create an oncyber gallery, because why limit yourself to just one corner of the digital market? With NFT sales and floor prices dropping like it's hot, it's definitely an interesting time for Sotheby's to make a splash.
Key takeaway: Sotheby's Metaverse is launching a secondary NFT marketplace and digital art gallery, promising to honor artist royalties amidst a controversial time in the NFT world.
The world of NFTs just got spicier as the trial of Nathaniel Chastain, a former OpenSea product manager, kicks off with accusations of insider trading. Apparently, Chastain made a cool $50,000 by buying NFTs, featuring them on OpenSea's homepage, then selling them when their value skyrocketed. Is it just us, or does that sound like the plot of a low-budget digital heist movie? The prosecutors claim Chastain's sneaky anonymous accounts prove his guilt, but his lawyer argues he didn't break any company rules. This trial could shake up the digital asset world, blurring the line between virtual reality and criminal reality.
Key takeaway: A former OpenSea product manager is on trial for alleged insider trading with NFTs, potentially impacting regulations in the digital asset world.