Movers and shakers in the digital realm: Recent advances in the NFT and Metaverse landscape
This move by Vodafone demonstrates the growing interest of global telecommunications corporations in embracing blockchain technology and digital assets.
Vodafone’s move followed the release by French luxury fashion house, Louis Vuitton, of its own collection of ‘physical-backed NFTs’ (digital tokens linked to real-world assets) for exclusive products and experiences. The ‘VIA Treasure Trunks’ NFTs were made available to selected customers in June 2023 and sold as ‘soul-bound tokens’, making them non-fungible and non-transferable once purchased.
Another significant movement in the NFT space has been made by Warner Bros. and DC Entertainment, who recently launched Superman-themed NFT merchandise bundles. These grant fans access to unique perks such as virtual premiers, behind the scenes footage, and limited edition artwork.
The global sports apparel giant, Nike, has utilised it’s Web3 community platform ‘.SWOOSH’ to partner with Epic Games and introduce ‘Airphoria’ into Fortnite, one of the most popular games worldwide. This collaboration provides a virtual experience where players can explore a branded Nike world within Fortnite’s virtual landscape, and receive limited edition digital trainers and other in-game rewards.
These bold moves by major industry players demonstrate the increasing popularity of Web3 and blockchain technology, and the role they can play in transforming digital commerce.
Shoosmiths’ specialist Web3 and Metaverse team has extensive experience in advising clients on all types of Web3 and Metaverse projects, arrangements, and campaigns. In addition to having a deep understanding of the technologies involved – including blockchain based technologies like NFTs and POAPs – the team understands the market and the unique challenges that come with operating in this space.
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