Norms in equivariant homotopy theory

We show that the $\infty$-category of normed algebras in genuine $G$-spectra, as introduced by Bachmann-Hoyois, is modelled by strictly commutative algebras in $G$-symmetric spectra for any finite group $G$. We moreover provide an analogous description of Schwede's ultra-commutative global ring spectra in higher categorical terms. Using these new descriptions, we exhibit the $\infty$-category of ultra-commutative global ring spectra as a partially lax limit of the $\infty$-categories of genuine $G$-spectra for varying $G$, in analogy with the non-multiplicative comparison of Nardin, Pol, and the second author. Along the way, we establish various new results in parametrized higher algebra, which we hope to be of independent interest.