McDonald’s China Unwielded A Set Of 188 NFT’s To Celebrate Its Birthday!

McDonald’s China celebrated its 31st anniversary in China on Oct. 8 by launching a set of 188 non fungible tokens (NFT). The NFTs, called “Big Mac Rubik’s Cube,” will be distributed to employees and customers as part of the giveaway.

The Big Mac Rubik’s Cube NFTs were inspired by the three-dimensional structure of McDonald’s China’s new office headquarters, which opened along with the NFTs.

Source: NDTV Gadgets 360

According to the website, the NFT symbolizes McDonald’s values of service, tolerance, integrity, community, and family, as well as love, technology, and trends.

The NFTs are created in collaboration with Cocafe, a digital asset development firm, and are constructed on the Conflux public blockchain, assuring that “each work is unique, indivisible, and cannot be tampered with.” 

What is conflux?

Conflux is a high-throughput first-layer consensus blockchain that employs a novel Tree-Graph consensus algorithm to allow for simultaneous processing of blocks and transactions, resulting in greater throughput and scalability.

Here is what the director of Mcdonald’s China said:

“It is a young and fashionable company that has always paid attention to fashion trends and cutting-edge technology. I am very happy that McDonald’s has become the first national restaurant brand to launch NFT… At this special time, we use NFT to share innovation, digitization and trend art with employees and consumers, ”

Competitors:

This isn’t the first F&B establishment to develop its own NFT.

Burger King unveiled its NFT promotion arrangement just a few weeks ago. The brand collaborated with Sweet to launch a gamified promotion that used NFTs. ‘Burger King Keep is Real Meal’ is the name of the promotion. Taco Bell, likewise, recently debuted on the NFT. To be more specific, it made taco-themed photos and GIFs available on Rarible.

Source: Tech Story

Defies the Chinese Ban

McDonald’s China’s decision to allow NFTs into the market appears to go against the government’s stated intention to outright ban all crypto operations. 

“Virtual currency-related business activities are illegal financial activities,” China’s People’s Bank said, adding that it “seriously endangers the safety of people’s assets.”

Trading cryptocurrency has been illegal in China since 2019, but it is possible to do it online through foreign exchanges.

This year, though, there has been a substantial crackdown.

In May, Chinese state institutions warned that buyers would face no protection if they continued to sell Bitcoin and other cryptocurrencies on the internet, as government authorities promised to ramp up the pressure on the business.

It urged banks and payment systems to stop supporting transactions in June, and it outlawed “mine,” the practise of utilising powerful computers to create new currency.

However, China’s declaration on Friday is the clearest indication yet that it intends to ban crypto-currency trade in all forms.

Despite China’s opposition, the global crypto ecosystem continues to grow at a steady pace. According to a Cointelegraph report, the difficulty of mining Bitcoin (BTC) has completely recovered after Chinese miners relocated to safer areas.