Red Bull Aped Into NFT And Metaverse – Officially Filed A Trademark Application

1.Red Bull filed a trademark application to launch its own NFT fan tokens exclusively on the Tezos blockchain.

2.Fans will be able to attend and enter virtual extreme sports events.

3Web 3 is a good fit for Red Bull as it matched the company’s business goal and Formula 1’s expectation to provide efficient energy.

In recent months, NFT and Metaverse became increasingly used terms to describe a mixture of virtual reality and augmented reality.

Red Bull, a popular brand name from Austria, and the producer of Red Bull energy drinks is one out of many companies ready to invest in the Web3 space. Amid the rise of NFTs and metaverse, the company made the giant move after filing a trademark application on March 3 to establish its plans to expand into the metaverse and offer branded NFTs.

The announcement came after Michael Kondoudis, a licensed trademark attorney for the metaverse tweeted about it on his Twitter handle. He declared that Red Bull plans to offer NFT multimedia, both virtual and cryptocurrency. The offer will include NFTs in the form of clothing, beverages, and sports gear, as well as financial exchange services among a host of other products in a virtual environment.

Although Red Bull is mostly associated with energy drinks, the company remains one of the largest sponsors for real-life sporting events like football, basketball alongside extreme sports like NASCAR, Formula 1, snowboarding, parachuting, cliff diving, and a few more. Hence, this puts Red Bull in a better position of offering metaverse and NFTs to a wide range of sports fans a real-fell experience in the virtual realm.

It’s more than jumping into the bandwagon

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By making its intentions known, Red Bull becomes one of the latest companies to ape into the NFT and metaverse industry. Before this time, we saw brands across various industries also file trademark applications to enter the web3 trend. For example, in the last few months, the likes of Victoria's Secret, Nike, Walmart, L’Oreal, NYSE, and more recently, McDonald's – all made their intentions known to enter into the web 3 space.

That we are seeing a growing number of companies taking steps to explore and potentially implement web 3 reminds us of the past. History has taught us that the longer you linger to grasp the full understanding of the direction in which the internet is going, the harder it becomes to catch up.

According to Kondoudis, “The Metaverse is real and businesses need to plan accordingly. Businesses no longer need to wonder if it is going to happen. It is just a matter of when.”

For a well-known brand like Red Bull, being a part of the latest technology is more than jumping on the bandwagon. Earlier in May 2021, the Red Bull Formula 1 racing team partnered with Tezos Blockchain to develop an NFT experience. As part of the deal, the Tezos logo can be seen on Red Bull F1 drivers’ helmets, T-shirts, and on their supercars.

Tezos Blockchain is a good fit for Red Bull

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Looking beyond the surface, the Red Bull team took a keen look at how the new technology can benefit company goals while also fitting perfectly into their business model.

Christian Horner, the Red Bull Racing team principal, and chief executive declared: "Designed to self-upgrade, Tezos’ ability to remain at the cutting edge of blockchain technology makes it a natural fit for Red Bull Racing Honda."

Horner believes that the crucial part of the collaboration is how Tezos’ energy-efficient design would match Red Bull’s long-term future environmental ambitions. Relatively, this design also aligns with Formula 1’s moves towards carbon neutrality, which renders the low-impact methodology a valuable asset.

Why NFT and Metaverse is a big deal to Red Bull as a brand

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Let’s start with non-fungible tokens, or as they are popularly called NFTs. Granted, it has become one of the newest innovations making the headlines for good reasons. For a lot of projects, NFT is beyond something that can serve as a keepsake. Rather, it is something worth having that can greatly impact the way companies do business.

Concerning Red Bull, the multiyear partnership decision with Tezos blockchain in May 2021 is to provide a new form of engagement for the fans who have been unable to physically attend the F1 Grand Prix event due to the COVID-19 pandemic. For everything that it’s worth, NFT is the unique and innovative way to connect the Red Bull fans with the team.

The Bottom Line

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No one can deny the fact that the metaverse industry is growing rapidly. We can expect that more and more mainstream companies will most likely ape in. This will apparently establish and validate that the industry is here to stay for the foreseeable future. Red Bull is just another company out of a list of massive corporations that see value in Web 3.0 and are likely going to jump in.



Author: Noah, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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