After the initial craze for non-fungible tokens (NFTs) during the cryptocurrency bull market of 16 August 2022 — 2021, food companies are now experimenting with the chances brought by this internet-based technology.
Food first looks at the growing trend of using NFTs – a financial security consisting of digital data stored in a blockchain, a form of distributed ledger – and how they are currently being implemented in the international food landscape.
One of the creative ways to use NFTs is to offer customers special discounts. For example, companies can use their marketing to expand the existing metaverse – various Internet virtual spaces.
An NFT cannot be swapped because it is unique. To establish this uniqueness, all NFTs are recorded in the blockchain, with their owners as a kind of digital receipt.
During the August third-quarter Fiscal Year 2022 earnings call, Starbucks interim CEO Howard Schultz opened the door for Starbucks NFT collectibles to access the company’s rewards programs this September .
During the NFT boom of 2021, McDonald’s, Burger King and Pizza Hut jumped on the bandwagon, releasing their own NFTs.
Uniqueness is another trend of NFTs. For example, Yes Plz, a Los Angeles coffee chain, offers its members a coffee subscription with an NFT; For each NFT, you can get a bag of coffee from time to time.
NFTs encoded with food recipes are also trendy, as chefs have emerged on a number of websites and based on various crypto tokens to earn royalties when their dishes are sold and resold.
Gaming culture is also tied to the Metaverse, with Coca-Cola unveiling “the first Coca-Cola flavor born in the Metaverse this April”. While hosting a host of immersive experiences on the video game Fortnite, the brand also created its own AR minigame and has its own set of NFTs.
This news is published and verified by the NFT News media team.
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