The Coca-Cola Co.’s NFT (non-fungible token) auction of its ‘Masterpiece’ collection took in $543,600 in digital asset sales during a promotional event for the digital artwork.
In total, eight NFTs were made available to purchase during the ‘Onchain Summer’ blockchain promotional event held by cryptocurrency exchange platform Coinbase.
Over the course of a 72-hour sale, roughly 80,000 of the NFTs were purchased by collectors and crypto-token prospectors.
The Coca-Cola Masterpiece collection was initially created as part of a media campaign by London-based creative agency Blitzworks. The advert featured famous artworks – Edvard Munch’s The Scream and Vermeer’s Girl with a Pearl Earring – mixed with works by contemporary artists such as Vikram Kushwah and Fatma Ramadan.
“At Coca‑Cola, we have a long history of collaborating with the artist community, and now technology and innovation allows us to continue creating with artists in new and interesting ways,” said Pratik Thakar, senior director of generative AI at The Coca‑Cola Co.
The launch of the ‘Masterpiece’ of NFTs is not Coca-Cola’s first foray into non-fungible tokens. In 2021, the drinks giant released a one-off NFT in aid of Special Olympics International that made just over $575,000 at auction.
NFTs are digital assets that can be bought and sold like any other piece of personal property but have no physical form. Most commonly they are known as files for digital artworks, however, the underlying technology, blockchain, has also been used to create ownership and provenance systems.
Last year, online whisky retailer The Whisky Barrel created an NFT system that acts as a “digital provenance certificates” platform for premium spirits.
Brands have dabbled with NFT sales across the beverage industry, often tied into product promotion or paired with and included in the sale of a physical bottle.
Diageo’s spirit brand Johnnie Walker Scotch whisky launched its own digital art in 2022. Seven digital art pieces were created for Johnnie Walker’s ‘Masters of Flavour’ NFT collection. Each item was paired with a 48-year-old expression from the blended Scotch, included with the purchase of the NFT.
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