- Budweiser is looking to maximize its brand assets using the non-fungible tokens (NFTs).
- Its parent firm Ab InBev has entered into a partnership with VaynerNFT – for a “long-term business play”.
One of the world’s largest beer brands, Budweiser, is now dabbling into the world of non-fungible tokens (NFTs). The company changed its Twitter profile picture which now shows a rocket designed by the NFT platform Rocket Factory.
NFT artist Tom Sachs designed this rocket and sold it on the NFT marketplace OpenSea for around 8 ETH or $25,000. Furthermore, Budweiser purchased the Beer.eth domain for a whopping 100 ETH or $100,000.
Non-fungible tokens (NFTs) have created a massive rage in the crypto space this year. Top players across diverse industry sectors have shown willingness to experiment with NFTs. These players are identifying interesting use cases for NFTs.
The announcement from Budweiser comes just a few days after VISA announced its CryptoPunk NFT purchase. The financial payments giant paid a staggering $150,000 in ETH for its purchase. VISA justified its purchase by saying that it believes NFTs will play a big role in the future, in the field of retail, entertainment, and commerce.
With Budweiser, it isn’t clear as to what NFT plans it holds. However, they have recently partnered with NFT media shop – VaynerNFT – for a “long-term business play”.
Budweiser joinins hands with VaynerNFT
Being the first big client for VaynerNFT, Budweiser is looking to leverage non-fungible tokens (NFTs). The partnership will involve turning tickets and merchandise into NFTs.
Besides, Budweiser will also create new intellectual property-driven NFT experiences for its fans thereby offering sports, entertainment, and music-based experiences.
Vayner NFT, owned by internet entrepreneur Gary Vaynerchuk, has been established to help other corporates strategize the use of NFTs. Besides, through its marketing projects, it helps businesses generate new revenue streams. Speaking of the development, Vaynerchuk said:
NFTs promise to be a major part of the digital ecosystem going forward. So it’s important for brands to know how they can fully leverage this space – from the opportunity through to the execution.
It is not the first time that AB InBev, Budweiser’s parent company is stepping into the game of NFTs. Earlier this year, it explored NFTs use-cases through its another brand Stella Artois. The company auctioned some branded NFTs to raise funds for British bartenders during the COVID lockdown. Back in June, the firm also conducted an NFT auction around virtual horse racing. Explaining Budweiser’s focus on NFTs, Richard Oppy, head of global brands for AB InBev said:
At AB InBev, we’re always looking for new ways to innovate and provide the best experience for our consumers. We believe this work will also pave the way for more innovative programs across all of our global brands.
Our partnership with VaynerNFT, which has been built on nearly a decade of creative collaboration between AB InBev and VaynerX, is designed for long-term brand building around successful NFT programs.
NFTs are turning to be a great way for maximizing the brand’s assets of the company. Furthermore, they provide a way to set up a footprint in the metaverse.