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Coca-Cola, one of the most popular beverage companies in the world, has announced that it will launch a non-fungible token (NFT). In a press release shared earlier today, the Atlanta-based beverage conglomerate confirmed that it had partnered with developer Tafi to launch branded virtual wearables as NFTs. The tokens will represent different items, and they will be available on multiple blockchain-powered platforms.
NFTs for a Good Cause
The upcoming launch will be Coca-Cola’s first foray into NFTs. It also marks yet another big brand working with these tokens to grow their reach. With the beverage company looking to celebrate International Friendship Day with the NFT, all proceeds coming from the sale will go to the Special Olympics. Explaining the NFT drop, Coca-Cola explained that the collection would feature four separate pieces and feature multi-sensory NFTs housed inside a Friendship Box. the box itself will be an NFT too. The NFT will be auctioned off, and the winning bidder will get additional unique surprises when they digitally open it. Another unique feature of the NFT launch is that the assets can be worn within Decentraland - a blockchain-powered 3D virtual reality world. Coca-Cola also said that it would host a “Rooftop Party” on Decentraland to celebrate the NFT launch.
Coca-Cola Deepens Crypto and Blockchain Ties
While this is a milestone for Coca-Cola, it’s not their first foray into the blockchain and crypto industry. In November 2019, Business Insider reported that Coke One North America (CONA), the company that handles IT operations for Coca-Cola, used a blockchain solution to manage its supply chain. Per the report, CONA managed a platform to oversee different franchises that manufacture, bottle, and ship about 160,000 Coca-Cola product orders daily. The technology could help improve cross-company transaction processes and transactions, allowing the bottling operation to move along more rapidly. Andrei Semenov, senior manager at CONA, told Business Insider that the company expected to use blockchain to reduce order reconciliation durations from 50 days to just a few days. With an inter-company, transparent blockchain platform, CONA will get real-time insights into all bottlers’ transactions, which generate up to $21 billion in annual revenues. Last year, Amatil X, Coca-Cola Amatil’s corporate venture platform, also announced an investment into Centrepay - a digital asset and payment service provider. Amatil, one of the largest Coca-Cola bottlers in the world, had built a corporate partnership with Centrepay at the time that allowed users to make crypto payments at any of its 2,000+ vending machines across New Zealand and Australia. With the investment, Centrepay claimed that it would expand its service range t include Epay gift cards, contactless fiat, and vouchers.