Pepsi has joined the long list of brands releasing NFTs.
In a nod to the year it was first made, Pepsi has created 1,893 “Mic Drop” NTFs. The digital microphones, which pay homage to Pepsi’s history in music, are inspired by flavors of the beverage, including classic blue Pepsi, silver Diet Pepsi, red Pepsi Wild Cherry, black Pepsi Zero Sugar and Crystal Pepsi.
The NFTs were created and designed with the help of VaynerNFT, which touts Anheuser-Busch InBev as a client.
The soda brand will be releasing the NFTs for free (not including transaction fees) through a waitlist that opens at noon on Dec. 10 on micdrop.pepsi.com.
The brand said it chose a waitlist rather than a traditional NFT auction because it is trying to make NFTs more accessible, and wanted to restrict consumers to one NFT. The NFTs will be released to those on the waitlist on Dec.14.
All but 50 of the NFTs will be made available this week, as the rest will be held for future initiatives.
The NFT craze sparked by the sale of a Beeple NFT at Christie’s in March shows no signs of slowing down. Pepsi is the latest brand to use the virtual channel as a new way to reach customers interested in the crypto economy. Major brands like the NBA have had successful NFT drops, as did Pepsi rival Coca-Cola. Taco Bell, Budweiser, and even Crockpot have all released NFTs, giving brands another avenue for turning their IP into a revenue stream (brands often get a percentage of NFT resales).
Once a Pepsi NFT user has been verified, their NFT will be minted and sent directly to their virtual wallet. They will then be free to re-list the NFT for sale on a third-party platform. Pepsi will not make any money from the resale of its NFTs. Users will still have to pay blockchain gas fees for minting the NFT. Pepsi will implement a carbon offset program for the drop to ensure a net carbon footprint of zero.
“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,” Todd Kaplan, vice president of marketing at Pepsi. “We created the Pepsi Mic Drop genesis NFT collection for our fans, putting their interests and needs at the forefront by ensuring the NFTs are all free of charge and presented equitably as an inclusive and accessible opportunity for anyone to experience the exciting world of NFTs. This collectible series of microphones is not only inspired by our history, but also represents the scale and scope of how accessible we see this space becoming in the future.”