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Source:Ken Wolter, Shutterstock
Summary
- Taco Bell has issued NFTs holding blockchain-based digital art to honour the comeback of its potato-based product line.
- The company released five token designs containing four GIFs and one image, with each token having five editions, making a total of 25 tokens.
- The bids started at 0.001 WETH (USD 1.908), reaching their highest at 1.5 WETH (USD 3,500), with all proceeds going towards the Taco Bell Foundation.
Taco Bell recently issued non-fungible tokens (NFTs) and sold blockchain-based digital art. It has released taco-themed GIFs as well as an image on Rarible, an NFT marketplace. The move came in a bid to jump on the bandwagon and, thus, stay relevant through ever-changing internet trends.
Evidently, the growing demand for NFTs was visible as Taco Bell reported that the 25 tokens released by the fast-food company were sold out within just 30 minutes. The proceeds from this move by Taco Bell would be given to the Live Más Scholarship with the help of the Taco Bell Foundation.
The tokens were issued to celebrate the return of Taco Bell’s potato-based products. The company announced the return of its potato products along with its giveaway deal. This came following a string of new announcements by Taco Bell. Earlier, the company had announced that it is bringing back the Quesalupa. Additionally, Taco Bell had to completely shift to drive-thru last year.
A Closer Look at the NFTs
These tokens had five designs that were taco themed and included 4 GIFs and one image. They were given the name “NFTacoBells” by the company. There were five editions released for each of these five tokens, making a total of a 25-token bid. These NFTs were accompanied by a USD 500 electronic Taco Bell gift card. However, these gift cards are only reserved for the original owner of the GIFs and images and cannot be transferred.
The bids started at 0.001 wrapped ether, amounting roughly to USD 1.908 at the time if writing. The highest bids reached 1.5 wrapped ether (WETH), an amount equal to USD 3,500 currently.
The Taco Bell Foundation raises money for the education and career progression of young people.
The Rising Popularity of NFTs
Owning an NFT has become the next big thing as it allows the owner to profit from the sale of the token. Any digital media item can be viewed, heard, or seen by anyone; however, the ownership rights cannot be imitated or shared.
However, NFTs hold strong ownership rights that cannot be transferred unless they are traded for a fair amount. This has given NFTs access to many user-friendly platforms, making them a hit amongst users worldwide and adding to their popularity.
Tokenizing allows one to personalize the digital art form, which explains why most NFTs are available as the sale of rights in music, collectibles, digital graphics, and other art forms. Physical goods can be tokenized, as is the case with Taco Bell’s potato-based line, which has been capitalized in the form of digital art.
The company is expected to release more such NFTs in the coming future.
