Nestle’s Maggi is taking a new step in the world of digital assets by launching its first-ever Non-Fungible Tokens (NFTs) in the ‘OneRare Foodverse.’ Maggi’s NFT features recipes made with its popular noodles, ‘Masala-ae-Magic,’ and Maggi Hot & Sweet sauces. These Maggi’s NFT will be used in the food verse, an online virtual reality space where users can buy, sell, and trade food-related digital assets.
However, Maggi is not the first food and beverage brand to launch NFTs. Coca-Cola, Yum! Brands (parent company of Taco Bell, Pizza Hut, and KFC), and Wow! Momo is among the brands that have already explored the potential of NFTs by creating digital assets like images, videos, memes, GIFs, and audio tracks. These brands entered the metaverse in January 2022 when the NFT trend was at its peak.
Since then, the NFT market has seen a decline in sales, attributed to the initial hype around NFTs fading away and the saturation of the market with too many NFTs being sold. Some buyers and collectors have lost interest in them, resulting in a decline in the perceived value of NFTs.
Despite this, Maggi hopes to benefit from the NFT trend by increasing brand awareness and engagement through the launch of its NFTs. The digital assets can also provide a new revenue stream for the brand by selling them to collectors and fans. Additionally, NFTs can enhance the brand’s image as innovative and forward-thinking by embracing the latest technology and trends.
However, the long-term impact of NFTs on a brand’s reputation and sales remains to be seen. It is important for brands to consider the value proposition of their NFTs and how they align with their brand values and messaging. Brands must also be cautious about the potential risks and challenges associated with NFTs, such as the volatility of the market and the need for robust security measures to protect NFTs from theft or fraud.