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Coca-Cola Sells First NFT For $565,000

Posted by
Ian Kane

Already back on sale for 1,000 ETH!

Last week we reported on Coca-Cola’s entry into the world of NFTs as the company launched its very first NFT collection during a live event inside the virtual world of Decentraland. A Friendship Box packed full of 4 dynamic and rare 1-of-1 NFTs plus more hidden and unlockable surprises has now sold for 217.45 WETH or approximately $565,000. 

The loot box was auctioned as a single lot and reimagines some of Coca-Cola’s iconic assets for the metaverse, with each NFT inspired by shared moments of friendship. All proceeds from the auction will be donated to Special Olympics International. Interestingly, we can see using the DappRadar NFT sale tracker that the NFT has already been placed back on sale at a price of 1,000 ETH or around $2.5 million. It appears the buyer is looking to flip their purchase for an immediate profit. 

What’s in the loot box? 

As mentioned this NFT represents a loot box containing several items. One of the most exciting being the vintage cooler NFT. The highly collectible 1956 retro vending machines have been reimagined for the metaverse. The purchaser of the Coca-Cola Friendship Day Loot Box NFT acquires ownership of the NFT digital file and is granted a royalty-free license to use, copy and display the NFT for personal, non-commercial use, as well as the right to resell the NFT as a digital file. 

Interestingly, the same rights and restrictions follow each subsequent purchase. Of course, the purchaser has no right to the copyright of the NFT or to the Coca-Cola name, trademarks, logos, music, or slogans within the NFT. Additionally, the winning buyer will receive a physical Coca-Cola cooler fully stocked with bottles of Coke. 

Perhaps the second most exciting item is the bubble jacket wearable. A futuristic jacket illuminated with effervescent fizz, designed with subtle nods to Coke’s nostalgic delivery uniforms fusing the metallic red of the aluminum can and brown of the drink. It includes a unique unlockable version that can be worn in Decentraland. 

Further NFTs are the friendship card that represents a reimagined design of Coca-Cola’s famous friendship-inspired artwork from the 1940s for the digital world. Plus the sound visualizer allows the purchaser to experience sharing a Coca-Cola with instantly recognizable audio cues. Additional unique and valuable hidden surprises will only be revealed when the auction is won and the Coca-Cola Friendship Loot Box is opened!

Mainstream NFTs 

During the past quarter, we’ve seen an increased demand for real estate in the metaverse. Demand for this virtual real estate is increasing and we’ve seen $42,6 million in value transact in this business. The four virtual worlds have seen a combined NFT trading volume of more than $42,6 million. That’s an increase of roughly 63% compared with Q1 2021 when these worlds had a combined NFT trading volume of $25,6 million. 

Coca-Cola’s entry into the world of NFTs and its partnership with a leading virtual world in Decentraland is arguably a landmark case. The entry of a mainstream brand into a growing virtual world shows that brands are taking them seriously as vessels for their marketing and community-building endeavors. Highlighting the fact that although we have seen considerable hype surrounding NFTs this year their use case is already coming to fruition. Of course, this particular NFT is already back on sale and has been purchased speculatively to make a profit rather than by a passionate collector. Nonetheless, those are the dynamics that make NFTs so fascinating.  

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, NIOX, AGIX, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, SHIBA INU, AND OCEAN.

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