One of the world’s biggest beer brands, Budweiser, is entering the world of non-convertible tokens (NFT). The company has changed its Twitter profile picture, which now features a rocket designed by NFT
platform Rocket Factory. Sponsored Sponsored
NFT artist Tom Sachs designed this rocket and sold it on the NFT OpenSea
marketplace for about 8 ETH, worth $25,000 today. In addition, Budweiser purchased the domain Beer.eth for the skyrocketing sum of 100 ETH or about $100,000.
Welcome to the party https://t.co/uSh51Vyr41Sponsorowane
Sponsored- Tom Sachs: Rocket Factory (@tsrocketfactory) August 25, 2021
Non tradable tokens (NFTs) have caused a huge furore in the cryptocurrency space this year. Top players across industries have shown a willingness to experiment with NFTs. These players are seeing interesting use cases for NFTs.
Budweiser’s announcement comes just days after VISA announced its purchase of CryptoPunk NFT
. The financial payments giant paid a skyrocketing $150,000 in ETH for its purchase. VISA justified the new acquisition by saying that it believes NFTs will play a big role in the future of retail and entertainment.
As for beverage manufacturers, Coca-Cola has also been involved in the NFT ecosystem. To celebrate International Friendship Day on July 30, Coca-Cola auctioned off a box of NFTs on OpenSea. It contained digital clothing designed by digital designer Tafi, which can be worn in the virtual metaverse Decentraland. Global Coca-Cola Trademark President Selman Careaga <a href=”https://www.prnewswire.com/news-releases/tafi-partners-in-coca-colas-first-ever-nft-collectibles-in-support-of-international-friendship-day-30134
2777.html”>he said then:
We are excited to share our first NFT with the metaverse, where new friendships are formed in new ways in new worlds. In celebration of International Friendship Day and in support of our longtime friend and partner, Special Olympics.
As for Budweiser, it is unclear what plans the company has for NFT. However, the company recently partnered with NFT store VaynerNFT for a “long-term business play.”
Budweiser joins forces with VaynerNFT
Being VaynerNFT’s first major customer, Budweiser wants to make the most of non-exchangeable tokens (NFTs). The partnership will involve converting tickets and merchant items into NFTs. In addition, Budweiser will create new intellectual property-based NFT experiences for its fans. These will include areas such as sports, entertainment and music.
Vayner NFT, owned by entrepreneur Gary Vaynerchuk, was founded to help other companies use NFT strategically. It also helps companies generate new revenue streams through its marketing projects. Speaking about the venture, Vaynerchuk said:
NFTs promise to be a major part of the digital ecosystem in the future. It is therefore important for brands to know how they can make the most of this space – from opportunities to execution.
AB InBev, the parent company of Budweiser, is not the first time it has ventured into the world of NFTs. Earlier this year, it explored the use of NFT through its other brand Stella Artois. The company auctioned off several NFTs to raise funds for UK bartenders during the COVID lockdown. In June, the company also held an NFT auction related to virtual horse racing. Explaining Budweiser’s interest in the NFT world, Richard Oppy, head of global brands at AB InBev, said:
“At AB InBev we are always looking for new ways to innovate and provide the best experience for our consumers. We believe this work will also pave the way for more innovative programs across all our global brands. Our partnership with VaynerNFT, which builds on nearly a decade of creative collaboration between AB InBev and VaynerX, is designed to build a long-term brand around successful NFT programs.
NFTs prove to be a great way to maximize a company’s brand assets. What’s more, they provide a way to leave your mark on the metaverse.
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