Budweiser's First NFT Collection Sells Out Within an Hour
Buyers of legal drinking age could purchase the NFTs on the brand's website using Ethereum, Bitcoin or a credit card.
On Monday, Budweiser joined the non-fungible token craze with the launch of its first collection of unique pieces of digital art — depictions of beer cans that sold for hundreds of dollars each.
Dubbed the "Heritage Collection," the Anheuser-Busch InBev brand's 1,936 pieces (symbolic of the year Budweiser's first cans were created), were initially offered at two price points: 1,900 "Core Heritage Cans" at $499 each and 36 "Gold Heritage Cans" at $999 each. Both blockchain-based tokens sold out within the hour. Buyers of legal drinking age could purchase the NFTs on the brand's website using Ethereum, Bitcoin or a credit card.
"The Budweiser 'Heritage Collection' is designed to celebrate the brand's iconic history while also moving Budweiser into the metaverse," said Spencer Gordon, Anheuser-Busch's VP of digital and Draftline, the brand's in-house creative agency. "The launch of this NFT collection is yet another example of our innovative and consumer-first approach to further strengthen our inconic brands."
The brewer's NFT debut marks AB InBev's first foray into the metaverse, but many other brands have capitalized on the digital hype this year, dropping NFTs and raking in the profits. Coca-Cola and the NBA are two major players that have already joined the club. Although NFTs are considered a hot investment by many, studies show that nearly half of U.S. adults aren't familiar with the digital asset.
Related: NFTs Are So Much More Than JPEGs
Adidas, American Eagle, Quiznos and McDonald's are just some of the brands that have introduced their first collections this month, with more sure to follow soon.