Coca-Cola’s first NFT collectable auction beginning on Friday (July 30) is a significant event for the crypto world. The auction begins at 12:01 am UTC on Friday, July 30, and closes at 8 pm UTC on Monday, August 2.
The iconic beverages brand is known for its strong collectibles culture. But this string of code has as much importance for the Non-Fungible Token collectable industry as the Coke brand. The string generates a Friendship Box containing four offerings. They are animated 3-D images of a wearable metallic bubble jacket, vintage cooler, pack of friendship cards, and a sound visualizer.
Although several iconic brands including NBA are already in the crypto collectable metaverse, the entry of the Atlanta-based giant is seen as game-changing because of its reach across nations and continents as a household name. That can attract the corporate world’s biggest names into the NFT business that has been growing rapidly this year.
The NBA has been using NFTs to sell highlight videos and artists to sell digital works. Musicians have been using them to retain royalties. Twitter CEO has been using NFTs to sell even tweets.
NFTs are digital non-fungible tokens. Non-fungible means it cannot be altered as it exists in the distributed ledger called blockchains like bitcoin or Ethereum. It ensures the uniqueness of each token that cannot also be replicated. The rarity enhances its value.
(Source: the drum)
Coca-Cola said in a press release earlier this week that its first-ever NFT collectables will commemorate International Friendship Day on July 30. The four-day auction will take place on the digital marketplace OpenSea. The proceeds will go to Special Olympics International with which the brand has a longstanding association.
The brand claims its first digital collectables offering is inspired by shared moments of friendship.
The NFT was created by Tafi, which makes 3D avatars and emojis, and Virtue, a Vice subsidiary, that conceptualized it, Coca-Cola said. Tafi is a startup that generates personalized avatars and digital assets for those who want to “level-up digital personality.
“Auctioned as a single lot, the four-piece collection features multi-sensory NFTs … inside a Friendship Box, packaged as a loot box.”
The box recreates Coca-Cola’s adorable retro vending machine of 1956 vintage. Its exterior features symbols of sharing and friendship, which have been the buzzwords of the brand since its inception. An illuminated custom Coca-Cola Bubble Jacket Wearable reminisces Coke’s age-old delivery uniform. The bonus is that it comes with an unlockable version, which can be used in the 3-D virtual reality platform, Decentraland.
The global firm says the Sound Visualizer projects the experience of sharing a fizzy drink amid familiar audio cues. They include the sound of a bottle opening, the pouring sound and the hiss of the fizz, and the revealing freshness of the first sip.
The Friendship Card is a recreation of the digital universe of Coca-Cola’s much sought-after trading cards from as far back as the 1940s. The cards have the ubiquitous moniker of “Symbol of Friendship.”
The marketing genius of the world’s most successful beverage maker is evident in the promise of more “unique and valuable” surprise offerings that will be unveiled only to the winning bidder in keeping with the loot box theme.
(Source: coca-cola company)
“Coca-Cola is the world’s most collectable brand, and it shares its heritage with consumers by moments of simple joy,” the press release saying quoting Selman Careaga, Global Coca-Cola Trademark President. The official said the firm is excited to share the first NFTs in the metaverse that is creating new friendships in new ways in worlds unseen. The offering is also of support to the Special Olympics International, the brand’s long-standing partner and friend.
Moreover, Decentraland will mark the Coca-Cola NFT auction launch with a metaverse event.
Since their invention in 2012, NFTs have been revolutionizing gaming and collectable space. The NFT marketplace has rapidly grown into a $250 million business and promises to grow further with every new real-world entrant.
Although developed first for use in the digital world like gaming and digital art using Ethereum crypto token standards, the game changer has been the discovery of its usefulness to authenticate real-world assets including shares and real estate.