4 Brands Using NFTs to Unlock New Revenue Streams

You’ve no doubt heard a lot about NFTs or non-fungible tokens by now.

If for whatever curious reason you haven’t, they’re essentially a form of digital goods that can be purchased and traded online, much like art is traded in the real world.

A number of brands are now realizing the brand and revenue-building potential of NFTs.

And we’re not talking small amounts of revenue either. The New York Times sold an image of a column it published, incidentally about NFTs, as a digital good for $560,000.

With that said, here are five brands leading the way in the commercialization of digital goods.

NIKE

The sports apparel behemoth has used NFTs as a patent for its digital footwear. Its Cryptokick NFT links a digital shoe to its counterpart in the physical world. If you sell your physical shoes you sell their digital equivalent. The NFT also buys owners access to online sneaker forums and can be worn by your avatar as digital fashion in video games such as Fortnite.

NBA x Dapper Labs

Leading the charge into the world of NFTs would have to be the Dapper Labs with its NBA-licensed Top Shot tokens — effectively digital video highlights that can be traded, not too dissimilarly to…