2022: The Year Brands Began Adopting Digital Assets

Brands are growing fond of digital assets, with new projects emerging across the biggest names in the consumer space.

2022: The Year Brands Began Adopting Digital Assets

In 2022, a growing number of top brands began adopting non-fungible tokens (digital assets) as a way to differentiate themselves and engage with their customers. Digital assets have provided brands with a cool new way to connect with their most loyal customers, and by changing the way that we interact with and “own” digital items and assets, they’re also having a positive effect on the relationships that consumers have with their favorite brands.

To put it simply; the blockchain technology that powers digital assets allow for us to have true ownership over things on the internet. Digital assets are unique and cannot be replicated, and they inject a level of scarcity into virtual things that allows them to be owned like real life items. Still confused? Feel free to check out our article on what digital assets are.

This newly-invented ability to “own” digital items has led to the creation of new markets for internet-based art and other collectibles, and has also had implications for industries such as gaming, real estate, and finance. Blockchain technology has been embraced by dozens of brands in the past year, and if 2022 has taught us anything, it’s been that web3 has the potential to revolutionize the way retailers and their customers think about value and ownership.

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Starbucks

One of the biggest names to enter web3 in 2022 was Starbucks. In early December, the coffee giant launched a beta version of their web3-infused Odyssey loyalty program. The program, which is the first of its kind, rewards customers with digital assets called “Stamps” as they advance through the tier system. These Stamps can be redeemed for exclusive experiences and items, and with a secondary market scheduled for launch in 2023, they may even hold monetary value. Starbucks has chosen to work with the Polygon blockchain to bring the program to life, a chain that’s been praised for its low costs and its eco-friendly nature. The Odyssey program has been developed with accessibility and simplicity in mind, with no prior web3 or cryptocurrency knowledge being required to participate. Customers are not even required to have a cryptocurrency wallet if they so choose. The program was received warmly by both the web3 community and customers alike, with demand “exceeding expectations” according to Starbucks representatives.

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Nike

Another brand that has embraced digital assets is Nike. Through a variety of digital asset drops and collaborations (many of which are available on OpenSea), Nike’s digital assets have generated $1 billion in sales on the secondary market. The brand tops others like Dolce & Gabbana, which brought in a total digital asset-related revenue of $25.66 million, according to Dune Analytics. Nike’s digital asset campaigns were met with excellent reception and were often the catalyst for customer-led communities which revolved around the assets.

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Rolls-Royce

In addition to clothing and sports apparel, a number of luxury brands have also begun adopting digital assets. In April of 2022, the luxury car manufacturer Rolls-Royce released a series of digital assets featuring some of the brand's most iconic car designs. The digital assets were available for purchase on the WAX blockchain and quickly sold out. "Black Badge represents a natural evolution for a brand that is defined by a culture of collaboration with its clients," said Rolls-Royce Chief Executive Officer, Torsten Müller-Ötvös.

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Burberry

Another luxury brand that has embraced digital assets is the fashion house Burberry. In June of 2022, Burberry partnered with Mythical Games for their second digital asset collection in Blankos Block Party, a blockchain-based video game. Their newest digital asset for the collection is a unicorn named Minny B that wears the Burberry TB Summer Monogram. As part of the collaboration, the brand is opening new spaces for its communities by creating a bespoke social space within the game where players can come together and enjoy a unique virtual experience.

Here’s a few other notable brands that entered the digital asset space in 2022. Click on each name to learn more.

- Adidas
- Meta
- Lacoste
- Budweiser
- Lamborghini
- Ray-Ban

We believe that the use of digital assets will continue to grow and expand into new industries and applications. For example, digital assets could be used to track the provenance and authenticity of physical goods, such as luxury items or rare collectibles. They could also be used to allow for new forms of digital ownership, such as the ability to own a piece of a virtual real estate within digital environment or a virtual item used within a video game.

The technology behind digital assets will improve and become more efficient over time. This will make it easier and more cost-effective to create and trade digital assets, which could in turn lead to the growth of new markets and communities. Digital assets are likely to become more widely accepted and understood by the general public, but this shift isn’t going to happen by chance. We believe that as mainstream brands enter the web3 space, their consumers will make an introduction with them, which will eventually translate into the mainstream adoption of web3 and the technologies that help power it.