Yahoo Finance How brands are making the most with their NFTs
Non-Fungible tokens or NFTs have been around since 2014. However, they are the biggest trend of the year. Brands like Taco Bell, Pizza Hut, Formula 1, and even the Bratz franchise have hopped on the bandwagon.
What are NFTs?
For starters, Non-fungible tokens or NFTs are digital assets that can represent real-world objects. They are usually in-game items, music, videos, art, etc., but, are not limited to them. They can be sold or bought online with real money or cryptocurrency. Additionally, NFTs are one-of-a-kind. Hence, have unique identification codes to prove their uniqueness. After all, NFTs allow users to town the original item and its authentication, providing guaranteed digital bragging rights.
How do companies benifit from NFTs?
Anybody can create an NFT. It’s not limited to individual creators. Recently there has been a rise in large companies mining their own NFTs. Hopping on the NFT train appears to be the latest trend. After all, NFTs can create a lot of revenue and an unending chain of income. Making licensed collectibles is one of the biggest applications of NFTs. Their rarity can add to the price of the token. And, a rare digital token is just as much if not more worth than a physical one. Moreover, the firm makes money every time the NFT is sold by the owners.
Top brands and their NFTs
1. A pack of limited edition pringles that you can’t eat
Pringles announced the release of ‘CryptoCrisp’ a brand new limited-edition flavor at the peak of NFT mania. Moreover, Pringles auctioned just 50 packages. The company also added that ten percent of the sales will go to H+Creative, the creator of digital art.
Introducing our newest Pringles flavor: CryptoCrisp, an exclusive #NFT flavor created by artist #VasyaKolotusha. Only 50 exist, all starting at the price of a Pringles can. Click the link to get your *digital hands* on one! https://t.co/JA6Bas4Ez0
— Pringles (@Pringles) March 17, 2021
2. Pizza hut’s new menu: The pixelated pizza
The pixelated pizza is Pizza Hut Canada’s new addition. The NFT collectible is available on Rarible for $0.18. Just like the pizzas, the collectible is affordable. “The digital Mona Pizza is upon us. Pizza Hut presents 1 Byte Favourites, a highly exclusive NFT minting run of one-byte pizzas. So, each NFT is for the cost of 1 bite of pizza. Available for an extremely limited time, but will last forever,” said Megan Farquhar, the executive creative director.
3. Bratz make a new comeback
After all, it’s not just food and restaurant chains riding the NFT waves. The famous doll and movie franchise Bratz is too. The company recently minted a series of NFT dolls, the first of its kind. Moreover, you can redeem the ‘Shimmerin Bratz’ the rarest NFT doll for a real doll. Additionally, the firm also released a large catalog of collectible digital cards and various tiers.
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