Non-fungible tokens (NFT) are attracting more and more attention from large fast food chains and other representatives of the food industry. The global NFT market in this sector could exceed $2 billion in nine years.
According to a report by Research and Markets analysts, a growing number of companies operating in the food market have resorted to using NFT technologies as part of their marketing strategies. Thus, the NFT market in this sector may grow by 16.5% annually to reach $2134.04 million by 2032.
The report cited the key factors driving the market growth, which included the global adoption of blockchain technology as part of transparency and traceability in the food industry, as well as the increasing demand for NFTs among users. Food industry representatives also praised the possibility of using NFTs in virtual reality and video games as elements of promotional campaigns.
The report indicates several factors that negatively impact the growth and adoption of NFT technologies in the food market. Among them are:
- high cost;
- technical complexity;
- regulatory uncertainty;
- lack of standardization;
- limited awareness among consumers.
The report provided several prominent examples of NFT use by large companies in the food market. For instance, the Canadian fast food company Pizza Hut, as part of its marketing campaign, created the NFT platform 1 Byte Favorites, where one could buy slices of their favorite pizza in the form of an NFT. Another pizza chain, Papa John’s International, Inc., launched the NFT collection Hot Bags to promote its new product line.
CP Media partnered with several digital artists to create its own NFT collection. The art director of the project shared with the audience how to buy NFTs from the Millennials collection.
