Coca-Cola is utilizing its brand name and history of figurines with the first-ever auction of NFT as market players are continuously coping with the junction of cryptocurrency and culture. Corporate brands are working at extremely high efficiency rates to integrate the modern day’s market and culture with the crypto phenomenon. However, it is a difficult task to bring the universe and metaverse together.
Coca-Cola a food industry giant decided to sell a series of four NFTs—known as non-fungible tokens: these will be sold a single asset benefiting Special Olympics International. NFT Non-fungible token is blockchain technology backed by digital assets. In recent years NFTs have been widely recognized by society. Especially crypto community and artists have fallen for NFT.
Coca-Cola joined hands with Utah-based startup Tafi – to enter the Digital market. Tafi is proficient and famous for making avatars and other metaverse content. As a result of this strategic partnership, Tafi will develop the digital version of Coke’s classic 1956 marketing machine.
Coca-Cola has declared it as a “Friendship Box”, it’s like a loot box. The NFT powered loot box will help the company to recall its history digitally. The box will include a digital version of the company’s classic metallic red bubble jacket. Moreover, the box will include the company’s classic digital cards and classic sounds visualizer.
Coco-Cola has decided to use blockchain technology to visualize its rich history via digital platforms. The company has told that the auction will begin on 30th of July to August the 2nd.
“This really provides us the opportunity to unfold the powerful space that the digital platform brings to you. Coca-Cola Global Digital Design Senior Director Joshua Schwab said that this fusion of form, function, and aesthetics is very cool. “Therefore, we can make things move, make artworks come to life, or we can reimagine our assets in new and unique ways to create these multi-sensory opportunities.”
Coca-Cola’s cultural diversity if multi-cultural history over the past several decades have helped the company to bring its collectibles and classic assets to life and offer these in the real world. The company’s top leadership said that they won’t follow the trend of creating new cryptocurrencies. However, the company will launch the digital version of its historic collectibles as the company’s digital tokens. This will create a new digital trend and only companies who have a rich history and culture like Coca-Cola will be able to compete with Coke. However, there are very few organizations that are culturally rich and well diverse to compete against Coca-Cola.
With this auction, Cocoa-Cola will practically enter the digital world where endless possibilities are waiting for Coke. However, the role of blockchain technologies will remain integral.