Non-fungible tokens (NFTs) were all the rage during the 2021 cryptocurrency bull market, and now food firms are experimenting with how NFTs and other internet-based technologies may improve their operations.
FoodIngredientsFirst investigates the applications of NFTs, digital financial securities built from records of transactions kept in a distributed ledger called a blockchain, in the global food industry.
NFTs have a wide range of potential applications, one of which is the provision of exclusive savings to customers. For instance, businesses can use them to extend their marketing efforts into the many “metaverses” that exist across the internet.
Because of its uniqueness, an NFT cannot be exchanged for another. To back up this claim, the blockchain acts as a digital receipt that records all NFTs and who owns them. Since creating and minting images on the blockchain is less expensive, they are the most common type of non-fungible token. Gifs and videos are acceptable alternatives.
The coffee shop chain Starbucks has officially entered the digital sphere
Howard Schultz, interim CEO of Starbucks, announced in September that Starbucks NFT collectibles would be made available through the company’s loyalty programs. This was announced at the company’s third fiscal quarter results meeting in August.
“We believe that by incorporating Starbucks-branded digital collectibles into our digital Starbucks Rewards ecosystem as both a reward and a community building element, we will be able to build on the success of the current Starbucks Rewards engagement model, with its powerful spend to earn stars approach, and introduce new ways to emotionally engage customers and grow our digital third place community.”Howard Schultz – Interim Starbucks CEO
The coffee shop claims that the phrase “Web3” refers to a broader set of concepts, including decentralization, blockchain technologies, and tokenomics.
There is a high degree of risk involved with trading NFTs because many people view them as a new way to obtain digital works of art. However, the company now claims,
“We think NFTs offer a lot of potential to establish an expanded shared-ownership model for loyalty, unique experiences, building communities, telling stories, and getting customers involved.”
The coffee giant Starbucks has stated that they have no plans to use any specific blockchain technology at this time. Even yet, it stressed that environmental friendliness ranks high on the list of concerns. Consequently, tokens that employ the same “proof of work” technology as Bitcoin, which was eventually banned, and which require energy to “mine” new tokens, will be prohibited.
We’re going to do things slowly and methodically, but we’re also willing to try new things, make mistakes, and improve as a group. “We hope to offer our first NFT collection, membership, and community based on coffee art and narrative later this year,” the business announced.
Wendy is a leading space explorer
Horizon Worlds is the name of Wendy’s virtual location in the online game controlled by the same firm that controls Facebook, Meta. In April, the company opened a digital restaurant that looked like any other in the building, save from the basketball court. Users of virtual reality systems could save money by completing some menial activities.
Back in June, Wendy’s decided to go for broke and construct an actual Wendy’s castle on the Internet, with the tagline “reach the peak of Wendy’s breakfast castle, where teetering bacon bridges and flying biscuits await.”
In an effort to attract virtual reality (VR) customers, a fast food business gave away complimentary breakfast sandwiches. Last year, for Halloween, Chipotle also offered 30,000 free burritos to Roblox gamers who participated in a special promotion.
Wendy’s also sought to protect its brand by registering trademarks for a variety of intangible items. These include digital artwork, playing cards, tokens, collectibles (including NFTs), and virtual goods and services. Many other large fast food chains, including McDonald’s, KFC, Taco Bell, Panera Bread, and Panda Express, have also registered trademarks that are quite similar to this one.
Taco Bell Launches Five NFTs
In March of 2021, a chain that was clearly inspired by Taco Bell debuted five NFTs. In total, there were five different items that made up the collection (NFTs are unique, but some have multiple copies). Profits were donated to the Taco Bell Foundation, which would use them to “empower youth to choose and follow their professional and educational paths.”
In just 30 minutes, the company sold out of tokens on the NFT marketplace Rarible. Taco Bell made a profit on the sales, despite selling each NFT for less than $2, because it receives 0.01% of the profits from each NFT trade.
Despite the modest volume of transactions, FoodIngredientsFirst has observed individual transactions in the blockchain amounting to little under $20,000. Even though it’s been almost a year since Taco Bell first hinted that it “may drop a second one” of NFTs, the firm still hasn’t investigated the potential of the technology.
Major Food giants introduce their own NFTs
In their wake came fast food giants like McDonald’s, Burger King, and Pizza Hut. McDonald’s, Burger King, and Pizza Hut each introduced their own NFT during the 2021 NFT craze. Even though McDonald’s hasn’t done much with NFTs since its first release, certain individual restaurants, such as McDonald’s Italy, have collaborated with digital artists to release NFT sets.
Burger King chose an NFT strategy centered on rewards. Diners might unlock a digital treasure by scanning a QR code on their takeout containers. After finding four collectibles, they received an NFT that could be redeemed for a monetary incentive, such as a free dinner.
NFTs were produced by Pizza Hut Canada and included pizza recipes. This year, Domino’s Pizza introduced a new set of NFTs that granted its patrons early access to an augmented reality (AR) comic book. The availability of NFTs is also decreasing. Any Los Angeles resident with an NFT can receive a free coffee subscription from Yes Plz. Obtain a fresh bag of coffee every month for each NFT you have.
Food-related NFTs are also common, as chefs may now make a living off of selling their recipes and collecting royalties on subsequent resales. These crypto tokens are used to access a wide variety of online marketplaces. The “first-ever Coca-Cola flavor to be born in the metaverse” will be released in April, according to a press release from Coca-Cola. The company creates its own unique NFTs and provides interactive events based on the popular video game Fortnite.