Coke Takes a Sip of the NFT Trend
The latest brand to take a bite into the "metaverse" is Coca Cola. Bubbling up with the NFT frenzy, the carbonated soft drink company recently teamed up with 3D creators at Tafi to host an auction on International Friendship Day for special-edition virtual 'loot boxes' of NFTs. With the brand's first-ever NFT collectibles winning a bid of $575,883.61 in an online auction.
The four multi-sensory, friendship inspired NFTs were auctioned over 72 hours as a single loot box via the OpenSea marketplace. The exclusive set included a vintage Coca Cola cooler that featured three additional NFTs: a custom-designed Coca-Cola bubble jacket to be worn on the Ethereum blockchain in Decentraland, a decentralized Open 3D virtual reality platform, a sound visualizer illustrating the recognizable Coca-Cola sounds, and Coca-Cola's friendship-inspired trading cards from the 1940s.
Profits from the auction will be donated to Special Olympics International – a cause that The Coca-Cola Company has supported since its founding in 1968.
Though NFT auctions and charities are not without their equal share of problems, mainly because the assessment of NFT assets has always been a very nuanced part of the charitable auction process, they do provide a new way to raise funds for many worthy causes.
Charmin Rolls Out First-Ever NFT to Raise Funds
In the last weeks, we have covered the buzz of NFT sales from Beeple's artwork selling for $69.3million to NFTs influencing real estate sales. Now joining the NFT charity band wagon is P&G's Charmin, whose unique toilet-paper inspired digital artwork is aimed at raising money for Direct Relief, a non-profit that provides emergency medical supplies and resources to needy communities.
The artwork will show rolls of Charmin toilet paper with decorations which comes with a physical display that people can display "in their bathroom alongside real rolls." P&G has enlisted artists like Donna Adi, Shanee Benjamin and Made by Radio to craft the images, with the NFTs available for bidding at Rarible, an online marketplace for crypto assets.
NFTs are the Fundraising Frontier
In today’s digital era, NFTs are quickly becoming the new asset for the wealthy, with millions being paid to own digital artwork. Now this new trend has entered a different plane of digital philanthropy.
With the rising interest in digital assets, there are no signs of the NFT craze slowing down. One of the latest evidences being the auction of Mars House by artist Krista Kim which became the world's first NFT house sold for over $500,000.
While the Mars House is a sight to behold, it is also a property that doesn't exist in reality. The futuristic neon-lit structure can only be experienced virtually. The digital glass dwelling worth $514,557.79 at the time was sold for 288 Ethereum to the Art of Internet Foundation. But that’s not all, the auction also came with a philanthropic gesture.
According to a tweet by Kim, the majority of the proceeds will go to the Continuum Foundation and will be used to promote mental health through a world tour of sound and light installations. “NFTs can do powerful social good by empowering artists.” The artist told Architectural Digest last week that the design of the Mars House is intended to promote meditative well-being, a creative focus of hers since the pandemic broke out.
While digital artists and critics grapple with the purpose of the NFTs, it’s no doubt that this digital boom has created a new and unique pathway beyond experiential brand marketing. The convergence of blockchain technology and art has presented new opportunities for organizations that find them as valuable tools to support a good cause.
Stay Curious!
~NFT Art Source
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