Pizza Hut Canada is Sharing Digital Slices as Non-Fungible Tokens
Laura McQuarrie — March 17, 2021 — Lifestyle
Pizza Hut Canada is tapping into the growing crypto collectible market by offering non-fungible token (NFT) digital slices based on popular recipes for a limited time. 1 Byte Favourites are being introduced as the world's first non-fungible pizza and the ultra-rate collection shares 8-bit pizzas of favorite Pizza Hut recipes, which can be acquired for free, for a limited time right around the time people are hungriest.
The 1 Byte Favourites can be found on Rarible and they represent the chain's Hawaiian, Pepperoni, Canadian and Margherita slices. As Pizza Hut describes, "creation and ownership are verified using blockchain technology, allowing original digital creations to become rare and collectible in the same way as trading cards or famous paintings in the physical world."
The 1 Byte Favourites can be found on Rarible and they represent the chain's Hawaiian, Pepperoni, Canadian and Margherita slices. As Pizza Hut describes, "creation and ownership are verified using blockchain technology, allowing original digital creations to become rare and collectible in the same way as trading cards or famous paintings in the physical world."
Trend Themes
1. Collectible Digital Pizzas - Pizza Hut Canada is entering the non-fungible token market with digital slices, creating new opportunities for digital collectibles and blockchain verification.
2. NFT Food Items - The creation of non-fungible token-based food items is a new trend and could offer opportunities for digital collectibles in the food industry.
3. Crypto-food Crossovers - As more companies explore the intersection of cryptocurrency and food, there could be opportunities for disruptive innovation in payment processing and digital collectibles.
Industry Implications
1. Food Service - The food service industry could explore the creation of non-fungible token-based food items for customers to create new revenue streams and marketing opportunities.
2. Blockchain Technology - The increasing adoption of blockchain technology in the food industry will provide opportunities for enhancing supply chain transparency, as well as creating new digital collectibles.
3. Cryptocurrency - As cryptocurrency becomes more mainstream, partnerships between food and cryptocurrency can provide new payment options and marketing opportunities for brands.
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