Mark Weaden
Coke looks to offer a charity auction for digital collectibles related to the brand
Coca-Cola’s auction will be focused on futuristic collectibles, the likes of a virtual puffer jacket that was created by the designers at Tafi a US-based and 3D software and content firm. The NFTs will be delivered through an auction hosted by Tafi, offering special-edition virtual ‘loot boxes’ with profits going to the Special Olympics, a well-established partner of the beverage giants.
The NFTs will be used as digital apparel and can be worn in the Decentraland which runs on the Ethereum blockchain, which is a 3D virtual reality platform. We have already seen other brands selling digital clothing, with Gucci selling sneakers that can be worn in virtual reality worlds.
How do the Loot Boxes work?
One of the unique aspects of the Auction is not knowing exactly what you’ll get in each loot box. This is something we already see used in video games, where users pay to purchase loot boxes that could contain players, collectibles, and in-game rewards. It’s a kind of gamble, but it certainly adds to the excitement of the process.
As well as the loot boxes, those at the auction will be able to bid on the Coca-Cola Friendship Box. The box is modelled on the classic Coke vending machine and contains additional NFT collectibles inside; a Coca-Cola bubble jacket, The Sound Virtualizer, and Friendship card. There will also be additional exclusive collectibles available to the winner of the auction.
The Friendship card is included to mark International Friendship Day, which takes place on July 30th. All the NFTs are in accordance with Coke’s brand idea of bringing people together, with a unique twist to suit the virtual reality world where they will be accessed.
NFTs continue to influence different markets
For a long time, the focus was on the art world, with world-renowned artists like Damien Hirst offering his works as digital collections. But, now we’re seeing many more collectives—sports collectives were popular at first—with brands offering 3D branded content through NFTs.
With brands increasingly interested in the idea of selling products in the virtual space, we are likely to see many more companies follow suit. Gaming and blockchain technology are likely to see a convergence in the coming years, which will really boost the NFT market.
There seems to be a clear direction for NFTs, which isn’t something that many people would have agreed with earlier this year when the industry was first picked up by the media. The value of NFTs is still misunderstood and payments in the millions will continue to baffle many looking from the outside in.
The auction is due to take place on July 30th from 12.01 GMT and will run until August 2nd at 8 pm GMT on the OpenSea exchange platform.
