Blockchain, a guarantee in the food industry
We usually associate blockchain with virtual currencies or financial transactions. In reality, blockchain can also provide innovative answers in terms of creating a new system of relationships based on a new concept of trust. A perspective that puts the blockchain at the service of the supply chain to have new tools that can ensure better food traceability in order to provide higher levels of food safety.
As you have probably already understood, it is especially in the world of art that the phenomenon has taken hold: in this case, the NFT is in fact a sort of electronic certificate with an encrypted code and the signature of the artist that certifies the uniqueness and ownership of the work, promoting market exchanges that don’t require middlemen (galleries, notaries, authenticity certifiers, etc.). The most outstanding case is represented by the artist Beeple, who last March 11 has beaten in an auction at Christie’s for over 69 million dollars. But the pandemic, by intensifying digital relationships, has ended up favouring the acceleration of the trend, which today is beginning to affect various fields, including the food&beverage industry.
For example, it is in this field that the collaboration between the street artist Teo KayKay and the founder of the Instagram platform TopChampagne Andrea Silvello was born. The idea is to create the first collection of custom champagne, matching six bottles with the NFT created by the artist, which portrays the physical bottle: each buyer will physically get the bottle and the associated digital card. Each card (like each bottle) is a unique piece. Besides being customized, the bottle is also digitalized, which certifies its authenticity on the blockchain.
Some other big players in the restaurant industry have already taken the first step: the fast food chain Taco Bell has announced the sale of taco-themed gifs and images uploaded to the NFT platform Rarible, which immediately sold out. A similar interest was shown by Pringles, which has already sold many CryptoCrisp virtual tubes “with NFT flavor”, signed by the artist Vasya Kolotusha.
So, can food companies monetize the NFT movement?
It may seem weird that something as material as eating and drinking could have a digital counterpart of some value, yet food-related NFTs could be a great way to amplify a brand’s authority, recognition and value.
A famous chef, for example, could sell his NFT recipes as a limited edition, and the same could happen with the shots of a food photographer. Again on Rarible, a young American chef has even thought of selling an NFT-certified virtual dinner: a three-course meal that exists only as a digital artwork.
Whoever buys it, can declare ownership and enjoy the dinner whenever he wants. In Canada, the national branch of the Pizza Hut chain has fallen for the NFT craze too, and has proposed a pizza-themed image for lovers of the brand, to be purchased on Rarible in ETH. But the wine world is also thinking about it: Grap is a rather articulated experiment of Crypto Wine, launched in 2020, which also uses NFTs.
Who will be the next to bet on the trend?