Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Procter and Gamble’s Lavatory Paper, through its brand, Charmin announced its interest in the NFT bandwagon by introducing a Non-Fungible Toilet Paper.
NFT is a short term for Non-Fungible Tokens. Fungible tokens can directly be substituted or exchanged as they all belong to the same asset class. Typical examples are cryptocurrencies such as Bitcoin, Ethereum, and fiats such as USD, EUR, etc. Non-fungible assets are non-equal assets designed on the blockchain. An example is a movie ticket (which is meant for a specific movie). Today, many brands or companies are embracing the NFT trend and branching away from the traditional market.
Just recently, Beeple, an Instagram artist who sells his works as NFTs, entered into a partnership deal with Christie’s Inc. In addition to Christie’s, below are six companies that have embraced the NFT concept.
Procter and Gamble Co (NYSE: PG) Lavatory Paper, through its brand, Charmin announced its interest in the NFT bandwagon by introducing a Non-Fungible Toilet Paper. The proceeds from this development will be donated to the humanitarian aid charity Direct Relief with the bids going as high as $264.72.
When calling on people to bid, they wrote that “sometimes a better bathroom experience goes beyond the seat, that’s why we’re rolling out the first-ever NFT art by a toilet paper brand!”.
The Bratz franchise of the MGA Entertainment Inc in collaboration with the Animoca Brands Corporation Limited introduced NFT dolls in December 2020. The company specializes in movies, tv shows, toy dolls, and games. The company issued the NFT dolls in the form of collectible cards according to their announcement.
Taco Bell, a fast-food chain came out with the Taco Themed Collectibles which sold out soon after hitting the internet. The report discloses that some collectors were pushing for a $200,000 resale. Taco Bell came out with five different NFTs sold for $1.79. This initiative will see the proceeds go into the Taco foundation that provides support for young people in their career path.
Pizza Hut Canada
Pizza Hut Canada is owned by Yum! Brands Inc (NYSE: YUM). Because they also own Taco Bell, it is not surprising to know that Pizza Hut Canada has an interest in NFT tokens. In a bid to make the price of Pizza very cheap, they relied on NFT to ensure that Pixelated Pizza on Rarible is sold as cheap as $0.18. The company launches a pizza slice each week as an NFT as it relies on it as a marketing strategy for four new strategy recipes. The first one according to the report was sold this week and has been relisted for $9000.
Pringles Owned by Kellogg Company
Pringles has come out with CryptoCrisp said to be a limited-edition flavor. 50 of these were auctioned, however, they only appear as an NFT artwork as claimed by the report. The artist who came out with the NFT, H+ Creative will have 10% of the proceeds.
Nike Inc (NYSE: NKE) a sportswear company that designs, develops, and markets footwear, apparel, and accessory products come out with the CryptoKicks, a patented NFT shoe after sensing the NFT craze a couple of years ago. This concept has motivation from the CryptoKitties, one of the early NFT products which make it possible for owners to take care of virtual cats.