Coca-Cola becomes the latest company to auction off NFTs.

NFTs (Non-Fungible Tokens) have been a hot topic in the world of Intellectual Property over the recent years, after the auctioning and buying of the online-only files have been marketed and conducted by the rich and wealthy within different industries. They have been mainly popularised in the worlds of Art, Music, Sport and Entertainment, with the likes of the NBA, singer – Louis Tomlinson, artist- Beeple and Twitter co-founder – Jack Dorsey all taking part in the auctioning of one-of-a-kind, digital files through different cryptocurrency mediums. Files that have been auctioned off previously have consisted of music, images, video clips and even virtual homes.

The latest company to get in on the action of NFTs is, worldwide drink producer, Coca-Cola.

The directors of the fizzy drink brand have partnered with digital art creator, ‘Tafi’, to create a one-of-a-kind collection of NFTs in celebration of International Friendship Day which was Sunday August 1st. The collection boasts a newly-marketed, ‘Loot Box’, which contains digital accessories that have been designed by Tafi. 

Bids placed the virtual equivalent of a collectible vending machine had to be done using ETH. (Ethereum is a running and popular type of cryptocurrency, often used for auctions for NFTs) The auction went live on July 30th, and was completed on August 2nd to mark the International Friendship Day, and was hosted on the popular NFT marketplace, OpenSea.

The Coca-Cola Friendship Box contains three unique digital assets: A custom-made Coca-Cola Bubble Jacket Wearable, A Sound Visualiser, and The Friendship Card. (A digital design that Tafi created based off of the company’s friendship-inspired trading cards that were originally released in the 1940s.) In addition to the individual collectibles, it is rumoured that the winning bidder will have exclusive access to ‘additional unique and valuable surprises’ that will only be displayed when the loot box is digitally opened – a one-of-a-kind add-on to an already exciting opportunity.

Coca-Cola president, Selman Careaga, has stated that they are excited to share our first NFTs with the metaverse where new friendships are being forced in new ways in new worlds.” And has also said that “each NFT was created to celebrate elements that are core to the Coca-Cola brand reinterpreted for a virtual world in new and exciting ways.” 

All proceeds from the auction will be donated to Special Olympics International, a global sports organization that offers individuals with intellectual or physical disabilities with year-round training and activities, a common offer that has been presented by previous NFT auctions, with the aim of helping others.

If you have any questions regarding the above topics, or would like legal advice concerning any other Intellectual Property, please don’t hesitate to get in contact with the team at Lawdit today.

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