In recent years, digital assets such as cryptocurrencies and NFTs have become increasingly popular. While initially seen as a niche interest, digital assets have now entered the mainstream, with many big (and not only fintech!) companies adopting them as part of their business strategies. Let’s dig into these cases.
Companies Adopting Crypto
We have already told you about large financial institutions, such as BNY Mellon and Blackrock, adopting digital assets in our previous article The Rise of Digital Asset Adoption Across Institutional Players. Let’s now discuss the cases that we are yet to mention.
PayPal, for example, now allows its customers to buy, hold, and sell Bitcoin, as well as several other cryptocurrencies. Mastercard has also announced a Crypto Card Program in partnership with Binance, Gemini, and other crypto industry leaders, while Visa has partnered with Nexo to launch a crypto-backed payment card and Paxos for crypto trading.
There are also companies that are not directly linked to fintech but made a significant contribution to the industry. For example, in 2021, the automotive company Tesla announced that it would soon accept Bitcoin as payment for its vehicles. This move was seen as a major endorsement of the cryptocurrency and helped to boost its value.
In June 2021, the most well-known art broker Sotheby’s announced that it would accept Bitcoin and Ethereum for an upcoming auction of two Banksy artworks. Overall, Bitcoin, as the first currency, has gained significant traction and is now accepted by a growing number of companies as a form of payment.
Companies Adopting NFTs
In addition to cryptocurrencies, NFTs have also been making waves in the business world. They are often used to sell digital artworks; some pieces have sold for millions of dollars.
Big companies are also getting in on the NFT craze. Let’s talk about fashion brands. For example, in 2021 Gucci released a series of NFTs featuring virtual sneakers that could be worn in various online environments. Also, Gucci became the first major brand to accept crypto as payment. Following this, Gucci released several NFT-linked collections. Many iconic brands followed suit. According to Dune Analytics, leading brands such as Nike, Dolce & Gabbana, Adidas, and Tiffany & Co. have amassed a combined $260 million worth of sales from NFTs.
What about the companies from other industries, like the food industry? In June 2021, Coca-Cola announced that it would auction off its first NFT, featuring a digital version of its iconic Coke bottle. Many food chains, such as McDonald’s, Burger King, Papa John’s, Pizza Hut, and others then started to adopt the concept of “NFT Food and Drinks” to create unique digital experiences for food fans.
Check out our article NFTs: The What, How, and Why to learn about other amazing NFT use cases.
Overall, it is clear that digital assets are no longer a niche interest. Big companies are adopting cryptocurrencies and NFTs as part of their business strategies, and this trend is only expected to continue. As more businesses embrace digital assets, it is likely that their use will become even more widespread and adoption will rise.
At Scalable Solutions, we also contribute to the mass adoption of digital assets via our white-label crypto-as-a-service products. If you consider the possibility of starting a digital asset business or want to integrate crypto trading into your venue, contact our team to learn more about our matchless solutions.