Taco Bell and NFTs
How many bitcoins for a Crunchwrap?
The subject of NFTs is something that I have already discussed at length on my blog, so if you are uneducated on the subject I would highly recommend that you check out my article on it.
I wanted to briefly touch on a really fun and fantastic example of corporate adoption in this space that I’ve seen over the past few weeks.
Taco Bell, that glorious late-night establishment that we all know and love, has jumped on the NFT band-wagon.
The above image is one of Taco Bell’s pieces of digital art that sold on the NFT site Rarible for .001 ETH ($1.79). The piece, however, is already reselling for hundreds on the resale market, and I can only imagine how high they could be worth later on down the road.
Conceptually, this is fantastic for many reasons. It’s great for the NFT space, and it showcases Taco Bell’s willingness to understand and adopt new industry trends. On top of it all, the initial sale and .01% of every resale of the pieces in the set will go towards the Taco Bell Foundation which is focused on helping underprivileged youth find careers.
What’s the point?
This may be my shortest article that I’ve written, but I wanted to keep it brief because the larger implications of this are still unraveling. NFTs are extremely hot right now. The combination of new technology and its disruption of the art industry has captured the attention of some powerful players. From NBA Top Shots to an art piece from Beeple selling at just shy of $70 million, the industry is exploding. Many companies like Taco Bell, with even more powerful sets of intellectual property, will be looking to capitalize on this new stream of potential revenue. I appreciate Taco Bell’s choice to be an early adopter, and I respect the incorporation of a worthy charity as well. I think that the possibilities of what NFTs can do to a variety of markets have yet to be seen, but like many great ideas, Taco Bell is certainly a fantastic place to start.