NFTs Are Making A Corporate Comeback
- 4 months ago
Two years ago, non-fungible tokens were sizzling hot, as art aficionados and speculators pushed blockchain-based images to $27 billion in value. Now that the market has crashed, a much less ambitious version of NFTs are finding a welcome home in the marketing departments of corporate America.
In the first week of October, non-fungible token (NFT) trading fell to its lowest weekly level since 2020, according to data from TheBlock, with only $50 million worth of digital collectibles exchanged on secondary markets. It was a bleak month for NFTs, whose trading volume plummeted from a record $3.2 billion a week in 2022 as prices slid to fractions of their crypto-boom highs.
The tepid activity came two weeks before Nike planned to sell more than 30,000 pairs of its popular Dunks sneakers in a collection linked to NFTs, with an increasingly popular twist that allowed non-blockchain buyers to get in on the action. Unlike virtually all of the previous efforts, buyers could pay by credit card instead of using cryptocurrency, snagging a custom-sized pair of Dunks in one of three color combinations, white and blue, black and purple and black and red.
Read the full story on Forbes: https://www.forbes.com/sites/mariagraciasantillanalinares/2024/01/19/forget-boredapes-and-cryptopunks-nfts-are-making-a-comeback-in-corporate-branding/?sh=1a95c4681a03
Forbes Daily Briefing shares the best of Forbes reporting on wealth, business, entrepreneurship, leadership and more. Tune in every day, seven days a week, to hear a new story. Subscribe here: https://art19.com/shows/forbes-daily-briefing
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
In the first week of October, non-fungible token (NFT) trading fell to its lowest weekly level since 2020, according to data from TheBlock, with only $50 million worth of digital collectibles exchanged on secondary markets. It was a bleak month for NFTs, whose trading volume plummeted from a record $3.2 billion a week in 2022 as prices slid to fractions of their crypto-boom highs.
The tepid activity came two weeks before Nike planned to sell more than 30,000 pairs of its popular Dunks sneakers in a collection linked to NFTs, with an increasingly popular twist that allowed non-blockchain buyers to get in on the action. Unlike virtually all of the previous efforts, buyers could pay by credit card instead of using cryptocurrency, snagging a custom-sized pair of Dunks in one of three color combinations, white and blue, black and purple and black and red.
Read the full story on Forbes: https://www.forbes.com/sites/mariagraciasantillanalinares/2024/01/19/forget-boredapes-and-cryptopunks-nfts-are-making-a-comeback-in-corporate-branding/?sh=1a95c4681a03
Forbes Daily Briefing shares the best of Forbes reporting on wealth, business, entrepreneurship, leadership and more. Tune in every day, seven days a week, to hear a new story. Subscribe here: https://art19.com/shows/forbes-daily-briefing
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.