Popular brands like Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany are launching into the metaverse, having so far generated $260 million in NFT sales. As the blockchain industry’s leading decentralized oracle network, Chainlink is powering NFT drops for fashion labels like Dolce & Gabbana as well as star athletes like LaMelo Ball, Dez Bryant, and Trevon Diggs, who are using NFTs to build their own personal brands.
Helping brands adopt web3 technology like NFTs is AI-driven marketing platform, Ojamu, which recently integrated Chainlink Price Feeds to help power near real-time token price analytics on the Ojamu Intelligence Platform (OIP). Currently in Beta, OIP combines blockchain data and insights with tools like AI and machine learning to help brands implement effective web3 marketing strategies including NFTs, blockchain games, and metaverse ecosystems.
Ojamu’s CEO, Hal Bame, said Chainlink is the ideal technology to address the unique challenge of sourcing accurate, real-time NFT data – such as pricing, hold time, and transaction history – that benefits brands’ marketing strategies.
Bame told Chainlink Today that he believes the transition to web3 is so imperative that it’s not a matter of which brands should move first, but which brands – if any – could survive without taking the leap. “The ancillary revenue and, more important, brand loyalty generated cannot be underestimated,” he explained.
He believes the metaverse, populated with digital assets in the form of NFTs, will ultimately become such an indispensable part of people’s everyday lives that we will no longer distinguish the metaverse from the tangible world. “It’s not a question of ‘if’ anymore, but ‘when,’” he said.
“The benefits of owning an NFT are simply too great – both for consumers and brands,” Bame emphasized, describing the level of engagement brands can achieve with consumers through NFTs as something that was “simply not possible before.”
Ojamu’s CTO, Magnus Dufwa, said Chainlink Price Feeds will initially be used by OIP to generate competitive analysis between brands and their activity in the web3 realm. “This will enable brands to more accurately gauge their web3 marketing and pricing plans versus their competitors in the space,” he explained.
As a result, brands will be able to quickly A/B test various initiatives, such as minting an NFT collection, and receive real-time results needed to optimize their approach.
“We are excited that we can now use price feeds that are reliable and verified by Chainlink oracles,” Dufwa said. “Further on, Chainlink Price Feeds will be used in a variety of analysis tools on the platform to help brands make better decisions.”