Are crypto integrations by household name brands and sports teams evidence of increasing use cases for digital assets and cryptocurrencies — or more of a marketing ploy?
This week, Tiffany & Co., Gucci and FC Barcelona all dove deeper into the crypto sphere with partnerships in the digital asset world. Tiffany launched NFTiffs — it’ll sell 250 NFTs for about 30 ether, around $50,000, to CryptoPunks holders, who will be able to redeem custom pendants in the style of their CryptoPunk NFT.
Meanwhile, Gucci began accepting ApeCoin, the token associated with Bored Ape Yacht Club NFTs, and FC Barcelona announced a $100 million euro investment from fan engagement app Socios.com. The soccer league has been collaborating with Socios.com since February 2020, when it launched FC Barcelona’s fan token, called BAR, but the investment will add to its web3-related plans.
“The financial upside of creating new revenue streams and channels for culture are clear, regardless of market conditions, but brands that command this level of attention aren’t keen to risk their brand value and reputation,” John Wu, president of Ava Labs, said to TechCrunch. “It’s safe to assume strategy for these initiatives have been discussed extensively and approved by the most senior leadership.”