Maybe pizza will save the NFT bubble.
As the cryptocurrency markets continue to fluctuate, the non-fungible token market may have already burst. If a popular pizza chain is successful, however, NFTs might be about to make a big comeback.
In a press release, Domino’s announced that its mascot, the Noid, will be auctioning several NFTs. According to the marketing materials, the Noid is doing this to fund future schemes.
The Noid is a cartoon character that served as Domino’s mascot in the ‘80s and ‘90s. The company recently announced the return of the character, who is obsessed with disrupting the delivery of pizzas to Domino’s customers.
The NFTs created for this campaign are based on tools the character apparently uses in his mission: the pizza slayer, the pizza crusher and the balloon blockade. Since NFTs aren’t actually physical objects, however, the auction will likely just be selling the blockchain for images of these devices.
In the world of cryptocurrency, NFTs recently became the hot new item. According to Gizmodo, the sale of NFTs peaked on May 3 with $102 million in sales in just one day. Unfortunately, since then, the sales of NFTs has reportedly seen a 90% drop.
Non-fungible tokens are unique digital codes (non-fungible means that it can’t be replicated) and are usually associated with images, GIFs or forms of digital work.
While the tokens became popular about a month ago, they’ve not only seen a drop in sales but also a drop in the number of people even participating in the marketplace. According to Gizmodo, the number of active NFT wallets dropped 70%.
Domino’s will be holding a 14-day auction for its Noid branded NFTs. The press release also suggests that the Noid will soon be joining TikTok.