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Highlights
- Papa John’s NFT is expected to be a free collection of nine virtual bag designs that will be in the shape of a pizza delivery hot bag.
- The collection of 19,840 NFTs has been minted on Tezos platform, which is dubbed to be one of the most energy-efficient blockchain networks.
- The Pizza joint has been under the docks earlier as well, in December following issues related to their ad wherein they had promised free Bitcoins.
Pizza joint Papa John's seems to be going ahead with its plans of NFT drop despite the regulator raising an eyebrow over irresponsible advertising. Papa John's is scheduled to give away nearly 20,000 non-fungible tokens (NFT) to UK customers.
The Pizza joint has been under the docks earlier as well, in December following issues related to their ad wherein, they had promised free Bitcoins. Papa John’s then had advertised with a message “Save £15 when you spend £30 or more & get £10 worth of Bitcoin from Luno!”.
UK’s Advertising Standards Authority (ASA), then had found that the ad targeted consumers’ lack of experience and underestimated the risk of investment in crypto space.
Also read: Why are UK Advertising regulators miffed with Floki Inu ad?
What is Papa John’s NFT?
Papa John’s NFT is expected to be a free collection of nine virtual bag designs that will be in the shape of a pizza delivery hot bag. A total of 19,840 tokens is expected to be released later this month that are designed by graphic artists Tom Hoff and Ash Sketch. The inspiration comes from the first date the pizza joint had opened in 1984.
The collection of 19,840 NFTs have been minted on Tezos platform, which is dubbed to be one of the most energy-efficient blockchain networks. The NFTs will also see a marketing campaign hitting the roads with the “Papa Johns’ Papa X Cheddar”, which is aimed to target other countries as well, such as UAE, Qatar, Spain, Ecuador, and El Salvador.
Not the first foray into crypto space
This is not the first foray into crypto space for Papa John’s. In fact, in 2010, the restaurant allowed Bitcoins as a mode of payment. Alejandro Cordero, Marketing Manager of Papa John's International, said that the retail joint wants to maximise the potential that NFT brings, and with this campaign, they are giving the opportunity to its consumers the opportunity to own their exclusive NFTs.
Also read: How Uphold can change crypto trading in UK after FCA’s go-ahead
It is important to note that cryptocurrencies are not legal in the UK, but there has been significant activity when it comes to digital currencies. In fact, a report from crypto analysis firm Chainalysis, had concluded in its report that the UK is perhaps one of the hotbeds when it comes to cryptos.
Conclusion
Papa John’s will have to thread very carefully and make sure that they don’t repeat the mistakes they made with the Luno promotion. Investors too, need to be cautious of various promotional schemes and need to ensure that they don’t get into any such schemes without properly understanding the pros and cons of it.
Regulators will be keeping a strict vigil over the retail joint’s promotion just to make sure that they are in line with all the rules and regulations set by the ASA.
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