Budweiser buys the domain Beer.eth for 30 Ethers (ETH)

Budweiser enters the world of NFTs

According todata from the OpenSea marketplace, Budweiser purchased a non-fungible token (NFT) depicting a rocket with the brand logo on August 24 for 8 Ether (ETH), or about $25,000.

The image, called “Life of the Part” by artist Tom Sachs, depicts a rocket made of 2 beer cans. The company already uses this NFT for its official profile picture on Twitter. At the time of publication, Budweiser USA’s 225,000 followers can still see the image. The company explained:

“Budweiser is taking its first steps into the world of NFTs. We are thrilled to support Tom Sachs and his Rocket Factory project and join this incredible community.»

On August 11, the famous brewer also purchased the domain name Beer.eth through Ethereum Name Service (ENS) for 30 ETH, or more than $95,000 at the time of acquisition.

Various beer companies operating under the umbrella of Anheuser-Busch InBev, parent company of Budweiser, have entered the NFT market. For example, the UK branch of Stella Artois has issued a series of skins for use in the blockchain game Zed Run.

Visa and Arizona Iced Tea lead the way

Earlier this week, payments giant Visa made headlines after paying $165,000 for a CryptoPunk. In addition to this landmark move for the industry, Visa spoke directly to the potential impact that NFTs will have in the near future.

“We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce.»

As the latest example, Arizona Iced Tea announced that it has purchased an NFT from the Bored Ape Yacht Club series. The beverage brand plans to use its digital monkey in its marketing materials.

Read more on the same topic: What is Ethereum Name Service?

About the author: Florent David

Budweiser buys the domain Beer.eth for 30 Ethers (ETH)

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Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.