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Nestle Launches NFTs

NFT

cryptodaily.co.uk 19 April 2022 16:21, UTC
  
Reading time: ~3 m

The food and beverages giant has introduced an exclusive limited series of only two NFTs available for bidding, with 100% of the proceeds going to charity. 

First Cereal NFTs

It is not uncommon to find a physical collectible in a cereal box. However, this will be the first time a digital collectible will be associated with a breakfast cereal brand, also marking Nestle’s first venture into NFTs. The exclusive limited series has been inspired by the launch of Nestle’s TRIX Breakfast Cereal brand in the Middle East & North Africa (MENA) region and dropped on the Opensea NFT marketplace. The news was first announced by Bahaa Boulmona, Brand Brand Manager Cereal Partners Worldwide, MENA, who pointed out that this was the first and only breakfast cereal brand in the world to have dropped its own NFTs. 

TRIX Globe NFTs

The collection, also being dubbed the TRIX Globe, features only two NFTs up for bidding between March 18 and May 13. To place the bets, interested parties must visit opensea.io/NESTLEBreakfastCerealsarabia. 

Emilien Mesquida, Business Executive Officer, Cereal Partners Worldwide, MENA, also commented, 

“In line with our promise for ‘Better Lives,’ we are proud to launch the first blockchain based initiative in the region aimed towards a humanitarian cause with full proceeds of the TRIX NFTs auction going to the Emirates Red Crescent.”

NFTs are digital assets that can be linked to real-world objects. They function on the same principle as cryptocurrencies, which are also normally used to purchase these assets on various NFT platforms, like Opensea. Normally, an NFT is linked to objects or experiences from the sports and entertainment world, like digital art, audio clips, video files, documents, and so on. However, several retail brands from other industries are also breaking into the world of NFTs. 

Nestle’s Blockchain Foray

Despite this being Nestle’s first NFT rodeo, the F&B giant has previously dabbled in blockchain technology. Back in 2019, the company moved towards blockchain technology to incorporate more transparency in its supply chain process. The root of the cause behind this decision had stemmed from the devastating effects of deforestation. It was a part of the MNC’s efforts to stave off deforestation and promote ethical sourcing. The company collaborated with the blockchain-based food tracking platform OpenSC which allows anyone to access sustainability and supply chain data. This would factor in accountability in Nestle’s processes since individuals would have been able to trace their food back to its original warehouse and source. 

Nestle had commented on the initiative, saying, 

“Through this collaboration, Nestlé becomes the first major food and beverage company to announce that it will pilot open blockchain technology in this way. This is part of Nestlé’s journey towards full transparency.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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