To commemorate the company's founding year of 1893, Pepsi has chosen a set of one-of-a-kind non-fungible tokens (NFTs). The company's NFT series, dubbed "Pepsi Mic Drop," will feature 1,893 parts of a microphone graphic
To commemorate the company's founding year of 1893, Pepsi has chosen a set of one-of-a-kind non-fungible tokens (NFTs). The company's NFT series, dubbed "Pepsi Mic Drop," will feature 1,893 parts of a microphone graphic inspired by Pepsi flavours such as Classic Blue Pepsi, Silver Diet Pepsi, and Red Pepsi Wild Cherry, among others. An algorithm will generate each of these Ethereum-based NFTs at random, adding to their uniqueness and quotient. NFTs are blockchain-based digital collectables that are influenced by real-world aspects.
Pepsi has encouraged interested persons to register on its now-functional waiting portal and have their credentials validated in order to generate hype around the introduction of its NFT series. People will be able to mint one "Mic Drop" NFT after passing the verification process.
While minting these NFTs is free, the minter will be responsible for the gas price associated with the Ethereum transaction. Because each transaction on the Ethereum blockchain necessitates the use of computational resources, a transaction charge, often known as the "gas cost," is required. Prices are expressed in "gwei," with one gwei equaling 0.000000001 Ether.
For this NFT minting, interested parties will also need to set up crypto wallets. Pepsi laid out the details of the event by tweeting glimpses of these fancy NFT pieces.
Several brands have jumped on the NFT bandwagon in order to keep up with the quickly expanding crypto-generation, offering fans and followers the possibility to acquire limited edition digital collectables on blockchain.
Pepsi's main competitor Coca-Cola had previously created a four-piece NFT collection to commemorate International Friendship Day. Coca-Cola said that the auction of those items brought in about $575,000 (around Rs. 4.5 crores)
Exclusive NFT series have also been launched by Budweiser, Macy's, Taco Bell, Burger King, and McDonald's.
According to data from market tracker DappRadar, NFT sales volume increased by nearly eightfold in the third quarter of 2021, to $10.7 billion (approximately Rs. 79,820 crores).
Customers' desire to acquire digital collectables is growing, and some artists from across the world are stepping up their attempts to digitise their work and sell it at auction to collectors from all over the world.
In Malaysia, for example, the practice of developing and auctioning NFTs is attracting a large number of artists who want to try out the medium. Malaysian artists are diversifying their digitised artwork repertoire with 3D animations, memes, and graphics inspired by the multi-ethnic Southeast Asian culture.
Mike Winkelmann, also known as Beeple, an American digital artist, has earned a stunning $28.9 million (approximately Rs. 215 crores) by selling HUMAN ONE, a futuristic artwork, as an NFT.
Ross Ulbricht, the imprisoned founder of the now-defunct hidden Web marketplace "Silk Road," auctioned off an NFT for $6.2 million earlier this month (roughly Rs. 47 crore).