Are you hungry for digital assets? If so, Taco Bell has you covered. The restaurant chain, part of Yum! Brands (NYSE:YUM), just auctioned off a collection of non-fungible tokens (NFTs). So what are these Taco Bell NFTs? And what else do you need to know?
As a quick recap, Taco Bell is far from unique in its NFT art pursuits. In recent days musician Grimes, artist Beeple, the Kings of Leon and DJ Steve Aoki have released digital and musical art via the blockchain. Through a Sunday announcement, it seems the restaurant brand is trying to leverage some of that hype for itself.
With that in mind, here are 11 things to know about the Taco Bell NFTs:
- Taco Bell announced the NFT drop on Sunday via its social media platforms.
- Specifically, the Taco Bell NFTs included a collection of gifs and images featuring tacos.
- The drop happened on the Rarible platform.
- According to Taco Bell, demand for these NFTs was high. Its 25 tokens sold out in less than 30 minutes.
- Pricing initially started at menu-matching levels to make the NFTs more accessible.
- The brand created five different NFTs, selling them in collections of five.
- Starting prices were as low as 0.001 Ethereum (CCC:ETH), which is roughly $1.79.
- Bids went as high as $700.
- As Mitchell Clark wrote for The Verge, the NFTs included a $500 electronic Taco Bell gift card for the original NFT owner.
- Proceeds from the NFT sales will go to the Taco Bell Foundation, its 501(c)(3) public charity.
- Investors should note that the brand has flirted with the idea of another token launch, but has not released any further information.
What to Know About the Taco Bell NFTs
So what else should you know?
At this point, there is no specific investing takeaway from the taco-themed gifs. However, the move by the taco restaurant likely suggests that more brands will follow in its footsteps. In the coming days, watch for your favorite artists, musicians and fast-food brands to hop on the NFT train. It seems this trend is only gaining momentum.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.
View more information: https://investorplace.com/2021/03/taco-bell-nft-11-things-to-know-about-the-digital-taco-auction/