Gatorade Enters The NFT Game & Loyalty Programs?

Good morning, readers!

Welcome back to another edition of Morning NFTea, this time around we've got a short round-up with stories from Gatorade to Dubai, so let's jump into it. 

Gatorade's First Voyage Into Web3

If you are a regular reader of Morning NFTea, then you are no stranger to the number of industries that NFTs are starting to infiltrate, and next on the hit list is the world of beverages as Gatorade takes its first step into the ever-evolving Web3 world. Gatorade is pretty much a household name in sporting, with its iconic brand holding just over 20% market share of hydration beverages in the US according to Statista. Well, Gatorade is now partnering with VAYNER3 for their first NFT launch, where we will see the Gatorade PoY Game Changers collection that consists of 12 Gatorade players of the year for 2021-2022. The purpose of the collection is to directly support upcoming youth athletes in sports, with all primary sales and 8% of secondary sales from the collection going to the Good Sports charity. Yea it isn't a game-changing NFT use case by any means, but a $5 billion revenue company partnering with Veryner3 who exclusively focus on guiding enterprises through Web3 consumer behavior is a huge win; it means legacy companies are feeling the pressure of adapting to the future NFT driven Web3 world.

NFT Loyalty Programs

A new enterprise startup “Hang” has just raised $16 million to bring NFTs to even more industries by revolutionizing loyalty programs. The funding was led by Paradigm who has stakes with some of the largest crypto players including FTX and Coinbase, this financial backing paired with initial clients like Budweiser makes it pretty clear that Hang is the real deal. So how can loyalty programs benefit from NFTs? The same way as every other industry NFTs touch; true ownership over something that's digitally valuable, re-sell value for the owner, and royalties for the brand. Matt Smolin, the CEO of Hang says it best: “NFTs create a way for brands to incentivize their users to not only rank up to a new level in their program, but actually appreciate the value of the asset that they own and can later be resold. Brands can also take a royalty or percentage from each resell transaction as users continue to fast-track their loyalty status, which inevitably will just make them more aligned with that brand”. Although we may be a fair way out from having loyalty cards to the gas station in our wallet, this is yet just another example of how NFTs have the capability to change our day-to-day lives.

Dubai Introduces Virtual Assets Laws On NFTs

It's no doubt Dubai is at the forefront of tech with IMDs rankings putting the UAE as one of the most advanced digital economies in the world, and in line with this are the new Virtual Asset Laws that aim to support, regulate, and promote any NFT/crypto-related business endeavors. The new act means Dubai residents will need to get a VARA permit for any NFT/crypto platform operations - what is VARA? VARA is the Virtual Assets Regulatory Authority, and they are an autonomous public organization that works with the Dubai World Trade Center Authority and the UAE Central Bank and Securities Authority. The Dubai government is fully embracing crypto and NFTs with the VARA Headquarters in the NFT Metaverse platform “The Sandbox”, where NFT traders can be assisted to learn about these new laws. This type of NFT/crypto regulation requiring permits can be seen in two lights, but no one can deny the benefits that will come from Governments choosing to embrace and support NFTs, and doing so in a way that makes Web3 safer for the average citizen.

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None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.