Pepsi on Friday announced the brand’s first-ever foray into the evolving world of non-fungible tokens (NFTs) with the ‘Pepsi Mic Drop’ genesis NFT collection.
NFTs enable users to own rare digital artifacts through the block chain network that backs cryptocurrencies. All forms of art, tweets, music, GIFs, and more such digital assets can be owned through NFTs.
Pepsi is creating 1,893 (to mark the year Pepsi was born) unique generative-style NFTs. “The exclusive generative traits of the Pepsi Mic Drop genesis NFT collection, is generated randomly by an algorithm so each NFT is totally unique and different,” the company said in a press release.
The Pepsi Mic Drop NFTs will be grounded in variations of a microphone visual and inspired by iconic Pepsi flavors including classic blue Pepsi, silver diet Pepsi, red Pepsi wild cherry, black Pepsi zero sugar – even fan-favorite crystal Pepsi and many more.
The NFT collection is designed by and created with VaynerNFT, a consultancy under the umbrella of the VaynerX holding company. “Pepsi has always been a brand with a strong heritage in music and pop culture, so it’s only fitting for us to bring that legacy into the new world of NFTs with a ‘mic drop’ of epic proportions,” said Todd Kaplan, Vice President, Marketing, Pepsi.
Consumers have to enter a wait list, and once verified , they will be able to mint one of 1,843 Pepsi Mic Drop NFTs free of charge (not including Ethereum gas fees).
It should be noted that consumers will need to set up a crypto wallet to participate, which may dissuade those who have no experience or interest in crypto. As such, Pepsi is not necessarily looking to make this project mainstream but instead is targeting existing crypto and NFT enthusiasts.
Meanwhile, the launch of a Pepsi NFT collection comes as many other major brands, including its greatest rival Coca Cola and other PepsiCo brands such as Lays’, already entering the space.