KFC launches NFT artwork that gives one year of free chicken

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KFC has launched their latest non-fungible token artwork called ‘BuckETH’. This NFT is based on the Ethereum blockchain and was developed in partnership with India-based digital marketing firm Blink Digital. The artwork is inspired by KFC’s iconic ‘bucket’ portions and is sure to be a collector’s favourite. 

KFC NFT artwork
KFC BuckETH will be the first NFT from the quick service restaurant chain. It is up for grabs in a social media contest where the winner will also get a year’s supply of KFC.

OpenSea, the world’s largest marketplace for NFTs, will host the NFT artwork. Basically, NFTs (non-fungible tokens) are digital assets signified by a unique token. They try to replicate the idea of owning a physical piece of art, but experts are still debating this concept.

KFC has stated that their new artwork combines 150 different pieces from artists all over India. The artists used a variety of mediums to create the artwork, which was then put together to create the final piece. Each piece denotes a city in India where KFC has a retail outlet.

KFC’s artwork can be yours if you’re lucky enough to win the digital marketing campaign on the company’s Instagram.

KFC Bucket: NFT comes with a year’s supply of chicken

NFTs are becoming a popular way for brands to engage with customers online, and KFC is undoubtedly not the only one looking to capitalize on this trend. Last month, Flipkart announced its entry into the NFT space with a co-promotional activity with the British consumer electronics brand, Nothing. And Indian textile conglomerate Mafatlal Industries is also looking to open an NFT store to raise customer engagement. So it’ll be interesting to see how this all plays out in the coming months!

According to Praphul Chandra, CEO of KoineArth, a blockchain and NFT creation platform, brands primarily use NFTs as a marketing tool. For example, MG Motors has developed an NFT store to engage customers. However, since the initial popularity of NFTs, inflation and the crypto market crash has caused a drop in liquidity for this type of investment.

Inflation has always been a bit of a problem when it comes to the global equity market. However, crypto-experts state that the recent market crash has done more than cause a drop in the NFT space’s liquidity. For example, data from the NonFungible global NFT market tracker reveals that while the daily trading volume was over 200,000 units last year with a total trade value of $428 million, the current figures have plummeted to a mere 12,700 units with only $4.7 million in total weight.