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Burger King’s NFT Strategy has Progressed from Stunts to Genuine Engagement

Customers can scan QR codes to obtain collectible game pieces that can be used toward other rewards as part of the celebrity-backed Keep It Real Meals.

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As part of its promotion around the deletion of 120 artificial chemicals from its menu, Burger King unveiled its Keep It Real Meals this month, which are personalized orders crafted by a trio of celebrity ambassadors under their real names.

To further the effort, the fast-food restaurant collaborated on a set-completion game with nonfungible token (NFT) marketplace Sweet, intending to elevate the technology from a digital art-based marketing stunt to a platform for consumer interaction. According to facts revealed with Marketing Dive, guests can scan a QR code on each Keep It Real Meal box to obtain one of three aggregate NFT game pieces. After collecting the entire set, customers are given a fourth NFT, which might be a 3D digital collectible, a year of free Whopper sandwiches, autographed items, or a chat with one of the campaign’s celebrity ambassadors.

Sweet founder and CEO Tom Mizzone remarked, “We’re taking a more enterprise solutions-based approach to NFTs. So how do you enable marketers to move beyond crypto art drops and into consumer experiences?”

The Keep It Real Meal, unlike the auctions of goofy digital art that became the de rigueur way for corporations to weave NFTs into their marketing earlier this year, NFTs allow Burger King and Sweet to employ the blockchain-based technology in a long-term, permanent fashion. As a result, the NFT is a virtual gift with all of the digital world’s applications rather than a physical toy in a food box.

“We’ve invested a lot of technology into really helping companies to go that next step, whether it’s combining it with loyalty systems, games, or consumer experiences that promote engagement like we’re doing here,” he said.

Burger King’s NFT push comes just weeks after the firm launched its Royal Perks reward program across the country, demonstrating the chain’s commitment to digital platforms, which have grown increasingly important as the technology continues to disrupt and accelerate consumer trends. In addition, Burger King unveiled its first revamp in more than 20 years at the start of 2021 to demonstrate its dedication to “digital-first expression.”

The metaverse and NFTs

As marketers experiment with the technology and platforms like Facebook’s acceptance of the “metaverse,” the merging of the physical and digital worlds, several novel applications of NFTs have begun to crystallize. For example, Coca-initial Cola’s NFT includes items that can be “worn” in the 3D virtual reality platform Decentraland, indicating that some significant marketers are paying attention to the metaverse usage of NFTs. However, according to a new Wunderman Thompson Intelligence analysis, only 38% of worldwide customers are aware of the notion of the metaverse, posing challenges for brands trying to leverage the technology.

“Before any of this can have widespread adoption, you have to make it easy for a bigger consumer base,” Mizzone noted. “If you can break down those boundaries and demystify what it means to collect and possess an NFT, that opens up a lot more possibilities.”

These broader applications could present a huge potential for organizations to generate additional income by engaging their customer groups, as Burger King has done with its gamified experience. In addition, the metaverse’s expansion of digital assets could also let marketers engage with customers without relying on the large platforms that currently dominate digital advertising.

“We strongly believe in open economies rather than gated gardens. The more people that are playing in the same vein, where items can readily travel between metaverses [or] games, the more exciting it becomes for consumers and companies, “ Mizzone explained.

While brand adoption of NFTs is still relatively new, technological advancements and cultural change have already made the one-off NFTs that companies published earlier this year feel old. The technology, according to Mizzone, is comparable to the internet itself.

“We were all surfing the web’ on Netscape Navigator when I began my first firm in 1995, and we were all like, ‘Oh, my my, the internet’s come.’ What could it possibly become?’ With NFTs, we’re only scratching the surface, and we want to be pushing the boundaries on how we can empower companies and customers with this technology.”

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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