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 have 1,893 parts of a microphone graphic inspired by Pepsi flavors such as Classic Blue Pepsi, Silver Diet Pepsi, and Red Pepsi Wild Cherry, among others. NFTs are blockchain-based digital collectibles that are influenced by real-world aspects.
Pepsi has encouraged interested persons to register on its now-functional waiting page and have their credentials validated in order to generate hype around the introduction of its NFT series. After clearing the verification process, anyone will be able to mint one “Mic Drop” NFT.
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 computing resources, a transaction charge, often known as the “gas cost,” is required.
For this NFT minting, interested parties will also need to set up crypto wallets.
Pepsi laid out the details of the event by tweeting peeks of these fancy NFT pieces.
Several businesses 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 collectibles 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 statistics from industry 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 treasures is growing, and some artists from across the world are stepping up their attempts to digitize 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 digitized artwork repertoire with 3D animations, memes, and graphics inspired by the multi-ethnic Southeast Asian culture.
“Earlier this year, you could probably count on one hand the number of Malaysian artists minting and selling NFTs. Over the course of many months, that number grew to hundreds, and now we’re probably in the thousands,” said Munira Hamzah of the non-profit Malaysia NFT, according to an Al Jazeera story.
Mike Winkelmann, also known as Beeple, an American digital artist, has made a stunning $28.9 million (approximately Rs. 215 crores) by selling HUMAN ONE, a future 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 last month (roughly Rs. 47 crores).