What are NFTs, and how are Coca-Cola using them in their marketing?

An NFT is a confusing concept, but it is an asset verified using blockchain technology, which gives buyers proof of authenticity and ownership, basically bragging rights! Simply put, NFTs are just like real world products but they stay online and can be enjoyed time and time again.  For example, owning the rights to an online painting or a video, which has been authorised by the original owner.

NFTs can be photos, videos, audio and other digital files. This craze blew up last year and the market tripled this year, increasing from $250 million to $2 billion in 2021.

Coca-Cola has recently announced their partnership with industry famous brand Tafi, to make “loot boxes”. In celebration of International Friendship day, Coca-Cola will allow participants to bid on these boxes, which when opened reveal a NFT from the brand. These include Coca-Cola Bubble Jacket Wearable, a reimagined friendship card which is a nod to the brand’s 1940’s friendship trading cards, and a Sound Visualiser which is an audio of a bottle cap being popped and poured. 

Josh Schwarber, the global digital design senior director for Coca-Cola said “We have a history of bringing people together through our brand and landed on the idea of a ‘surprise and delight’ Friendship Box to mark International Friendship Day, housing distinct NFTs. We included some of the properties most associated with our brand but reimagined them for the metaverse with motion and multisensorial expression. It quickly took on a life of its own and turned out to be something that feels right for Coca-Cola.” 

Profits from the “loot boxes” will be donated to the Special Olympics, which has been supported by the company since being founded in 1968. The charity provides support to children and adults with intellectual disabilities. 

Coca-Cola also isn’t the only major company using NFTs. Some other notable companies include; Nike, New York Times, Taco Bell, Warner Music Group, 20th Century Fox and the NBA.

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