Taco Bell has just become the first fast food chain to enter the NFT trend with five versions of digital art, selling five copies of each. Taco Bell is calling them “NFTacoBells.”
NFTs are digital assets that have been around since 2017, and by 2020, they became a $ 250 million market. Creators are already realizing the potential to earn millions in this relatively new space. Grimes sold his digital collection for $ 5.8 million at a 20-minute auction. A Miami art collector sold a 10-second video for $ 6.6 million. The NBA Top Shot online market grossed more than $ 65 million in sales just last week.
Taco Bell’s 25 pieces of crypto-art were sold in less than 30 minutes on Sunday on the Rarible platform, the company told Insider. Each of the five types was related to the Taco Bell menu in some way and started to cost $ 1 each. The piece “Ever-Crunching Tacos” received the highest bid of 2 WETH, or about $ 3,646, according to CoinGecko. One of the pieces is now on sale for 10 ETH, or $ 18,365.25.
Tacos always crunchy.
taco bell
Even with the low starting price of a dollar, the pieces can generate a lot of money for Taco Bell, which gains 0.01% on each subsequent sale. Taco Bell says that all profits will go to his Live Mas exchange.
Another piece from the collection, “Tato Dimensions”, shows a 43-second clip of what looks like a soft spicy potato taco. The timing of these NFTs fits perfectly with the return of potatoes to Taco Bell’s menu on March 11, following the reaction of angry customers.
‘Tact dimensions.
taco bell
“At the moment, we are in the experimentation phase of the market, so I hope to see many different experiments from musical and visual artists, brands, technology companies, media companies and creators of all shades. Sometimes brands can be rewarded for adopting emerging consumer trends earlier than your peer group, so congratulations to Taco Bell “Venture capitalist David Pakman, an NBA Top Shot investor, told Insider by email.
“That said, in the long run, I expect there will be a lot more supply of NFTs than there is demand for them, and the cream will reach the top,” said Pakman.
The Taco Bell brand “may launch a second in the future”.