Food Entrepreneur - May 10, 2022 - 10

FOOD ENTREPRENEUR®
EMERGING BRANDS
EXPERIMENT
WITH NFTs
Love + Chew, Mid-Day Squares and
more launch one-of-a-kind digital assets
BY SAM DANLEY
F
ood and beverage makers are getting
into the non-fungible token (NFT)
space, with startups and emerging
brands as well as large consumer packaged
goods companies testing the marketing,
loyalty and philanthropic reach of the
virtual assets.
NFTs are one-of-a-kind digital assets
that may be purchased and sold like any
other type of personal property, but they
have no tangible form. Like cryptocurrencies,
NFTs are created on a digital
ledger known as a blockchain. Collectors
purchase NFTs, which are created as
tokens (a type of certificate of ownership),
via online marketplaces like OpenSea. Just
about any digital asset or virtual good -
including artwork, music, photographs,
tweets, articles, memes and more - may
be minted as NFTs, meaning their record
of ownership cannot be altered or deleted.
Food and beverage companies can't
make a business out of selling virtual
versions of their products, but they can still
benefit from using NFTs to raise awareness,
engage customers and promote their brands.
Some brands are using NFTs to raise
capital during their pre-launch period.
Others are using them to raise money for
charity. Campbell Soup Co. commemorated
a redesign of its iconic soup can with
NFT art pieces, donating the proceeds
to Feeding America. The Coca-Cola Co.
LOVE + CHEW
recreated nostalgic advertising images,
like trading cards and vintage coolers, as
NFTs to raise money for Special Olympics
International.
Cookie startup Love + Chew launched
its first NFT project to celebrate International
Women's Day in March. Lauren
Chew, founder and chief executive officer,
teamed up with artist Fatemeh Monfared
to create the collection. Funds from the
project supported Oasis for Girls, a nonprofit
providing resources to girls from
underserved communities.
" We're a female-focused brand, and
our demographic is heavily millennials, "
Ms. Chew said. " Many of them have
probably heard what NFTs are but don't
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May 10, 2022
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Food Entrepreneur - May 10, 2022

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