The fast-moving consumer goods giant has partnered with OneRare, a Delhi-based blockchain startup that specializes in creating NFTs for the food and beverage (F&B) industry through collaborations with restaurants, celebrity chefs and food brands. Nestlé hopes to cut into his Web 3.0 through NFTs to build loyalty, traction and a strong community of young consumers. As part of his pre-launch campaign in March, the company ran a contest on the Metaverse, where he amassed over 100,000 impressions on the OneRare website.
Raju’s company now bolsters the launch of chef and entrepreneur Zorawar Kalla’s Farj Cafe and releases NFT via a gamified version. People will be able to redeem this NFT in the digital cuisine and offline worlds for dining discounts, exclusive access to restaurant kitchens, or exclusive diner experiences including food tastings that are in the testing phase.
Digital collectible card games have been around since the 1990s and aren’t a new trend, but NFT gamification has been on the rise over the last two years, especially in the fields of entertainment, art and fashion, giving gamers the opportunity to play. We offer opportunities to earn. . Now, the F&B industry is also making inroads into this space.
NFTs not only help build a loyalty base among consumers and target younger audiences, they also help the food and beverage industry create online events that can be leveraged in the offline world. Additionally, NFTs can be monetized.
Over the past two years, brands such as Starbucks, McDonald’s, Burger King, Pizza Hut, KFC, Taco Bell and Coca-Cola have launched NFTs. Taco Bell made news when it debuted in 2021, selling all its tokens uniformly in 30 minutes on its NFT aggregator platform, Rarible. Taco Bell reportedly sold each NFT for less than $2, but continues to make a profit from token sales. A fee is charged each time an NFT changes ownership. We also distributed rewards in the form of gift cards worth $500 each to the original owners of the NFTs.
Things are clearly moving, but is the F&B sector lagging behind the NFT party?
Two months ago, less than a year after entering NFTs, Meta’s Mark Zuckerberg said the company would “focus on other ways to support creators, people, and businesses, so for the time being digital collectibles (NFTs) ) will be reduced.”
Nestlé isn’t worried. The company says its debut into Web 3.0 gaming and blockchain technology is a strategic move. “Nestlé Web 3.0 is a series for us, just as some series on OTT platforms have seasons,” said Rajat Jain, head of food business at Nestlé India. “In the first season, we bring consumers together. The second is to enhance the experience. He added that even the packaging of some products will change and include details such as NFTs.
But the big question is, will patrons also soak up the NFT platter?
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