The company has shifted focus to become a metaverse advertising and tech firm amid a spike in demand
Metaverse advertising and tech firm Luna Market has rebranded to Insomnia Labs to reflect increasing demand for its web3 branding, it announced on Wednesday.
Major companies such as Under Armour, Curry Brands, WPP, and L’Oreal have trusted the New York, NY-based metaverse firm founded by young entrepreneurs.
The company’s interoperable and utility-based non-fungible tokens (NFTs) have led to collaborations with brands such as Curry Brands and Under Armour for a commemorative Stephen Curry digital collectable for the 2022 National Basketball Association (NBA) Playoffs.
Work on the NFT earned Insomnia Labs the Grand Prix Awards for Best Use of a Multi-Platform Campaign at the New York Festivals Advertising Awards. The 2022 Cannes Lions Festival also awarded the enterprise Gold in the Social & Influencer for “The First Meta Sneaker”.
NEXT UP! A Polygon Community Twitter Spaces! We’re hosting a special roundtable chat w/ project leaders focused from across the Polygon Ecosystem. @brbordallo @kryxivia @keamuplays@Ivy1hong@insomnia_labs
12PM CT / 5PM UTC
See you then! pic.twitter.com/5WwJQIFdy6
— Polygon Studios (@polygonstudios) August 18, 2022
Insomnia Labs now plans to expand its solutions to boost its advertising and technology solutions as additional brands migrate to the Metaverse.
The firm will offer its proprietary in-house solutions, strategies, and creative content, allowing brands to leverage web3 with NFTs, decentralised autonomous organisations (DAOs), and the Metaverse.
Insomnia Labs recently received $1.5 million in funding from Polygon, Animoca Brands, HBJ Investments, Eden Ventures, Concept Art House, and other investors.
Billy Huang, Chief Executive and Co-Founder of Insomnia Labs, said,
“From tactical activations to year-long partnerships, we work tirelessly to embed culture and identity to our campaigns. We pride ourselves on knowing the latest web3 technologies and trends, and use that expertise to help top brands deliver award-winning, high-growth campaigns in the metaverse”
Jack Cameron, Co-Founder for Insomnia Labs, added that his company’s rebranding aimed to help brands “navigate the world of web3 through long-term strategies” with the latest technologies.
“Web3 is a new world to many brands and it’s our job to help best position brands in web3 using the latest technologies”
Valerie Middleton, Head of Marketing for Under Armour’s Curry Brand, explained that entering the web3 was “nuanced” and potentially “complex and intimidating.”
“However, this tremendous team managed to shepherd us through the process with confidence, creativity, and an always-on positive approach to the mission. They are humble and hungry and you couldn’t ask for better collaborative partners”
According to reports, the company also rebranded to avoid association with the Luna cryptocurrency token, which crashed from $86 USD per coin to nearly zero over several months’ time.
In a statement, Huang explained the change, adding that multiple company partners asked whether it was “affiliated with [Luna the coin] in any way, shape, or form.”
The news comes as Insomnia Labs spoke to XR Today on the role of NFTs in the digital economy and the Metaverse, where the entrepreneurs explained how growing revenue streams for content creators could develop the rising spatial communications platform by incentivising work and fresh opportunities for collaborations.