Another company has caught metaverse fever. On March 3rd, Red Bull filed a trademark application to enter the metaverse and offer branded non-fungible tokens (NFTs).
Trademark and patents attorney Michael Kondoudis revealed the news on Twitter Tuesday, stating that Red Bull plans to offer multimedia NFTs, cryptocurrencies, sports gear, clothing, drinks, and financial exchange services, among many other types of products.
Red Bull, so far, has not commented on the trademark application.
One floated possibility for Red Bull NFTs is the attachment to real-life sporting events. Because a company can prove the ownership record of the NFT on a blockchain, it would be relatively easy to use them as gate-keeping items for VIP passes, weekend tickets, or more. Red Bull is a sponsor of Formula One, NASCAR, basketball, and soccer.
The company is known for its affinity to extreme sports, such as cliff diving, parachuting, freestyle skiing, and more.
Red Bull Joins Other Companies Rushing into Web3
If this type of news feels a little familiar at this point, don’t be surprised — just in the past few months, countless companies have filed trademark applications for Web3. Victoria’s Secret, McDonald’s, Walmart, L’Oréal, and more are all preparing to enter the metaverse, some with plans disclosed and others not.
NFTs, as a technology, have many different use cases, which could make each company’s plans slightly different. While the New York Stock Exchange aims to build an NFT marketplace, McDonald’s may use NFTs to help individuals place actual orders in the metaverse, with the food later delivered in-person.
More companies are buying virtual land in metaverses like Decentraland and The Sandbox to build experiences on the land. For instance, Miller Lite has bought a parcel in Decentraland and built a virtual bar on the property. Users can play billiards or darts, order a beer, or watch a sporting event.
Other companies have launched NFT collections, and others plan to sell digital versions of physical goods. Think Nike shoes that you can wear on your avatar.
There’s no telling yet what Red Bull will do with its trademark and how it might implement the NFT technology to suit its products. However, if its love of extreme sports is any indicator, it could do something a little outside of the box, which may put more eyeballs on the brand and its drink.