McDonald’s is an iconic brand in the United States, representing not only that largest fast food chain in the largest economy in the world, but the largest fast food chain in the world, period. As a global leader, the company must stay on top of its competition, and one of the best ways to do so is to use new technology as a way to market your brand.
With the rise of NFTs, Web3, and blockchain technology, the company has recently been doing just that.
Recently, McDonald’s China announced the launch of an NFT collection to commemorate the company’s 31st anniversary in the region, and more recently, the company announced the launch of a McRib NFT.
Ahh, the McRib
The McRib debuted at McDonalds 40 years ago and has continued to be a fan favorite since. Unfortunately, it’s not on the menu at all times. Instead, it’s peppered in from time to time as a promotion that brings back a touch of nostalgia.
Well, this year, the McRib is coming back with a splash, albeit a digital one.
The company said it would be giving away it’s American chain’s first NFT. The NFT will help promote the 2021 return of the McRib. So, what are the NFTs? There will be ten “digital versions of the fan favorite sandwich – almost as saucy as the McRib itself,” said McDonald’s.
The NFTs will launch in celebration of the menu item’s 40th birthday.
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How to Get Your Hands On the NFT
So, you want a McRib NFT. The NFT will drop on the same day the McRib officially hits menus across the United States, November 1, 2021. To enter to win the NFT, you’ll need to follow @McDonalds on Twitter and retweet the Sweepstakes Invitation tweet any time between November 1 and November 7 from your public account.
By November 12, the company plans to select ten fans who will receive the exclusive McRib NFT to add to their personal collections.
What’s the Value of the McRib NFT?
This is the million-dollar question, and there’s no right answer to it. Like any other digital asset that lives on the blockchain, the value of the NFT is whatever value the community agrees it’s worth.
Will the McRib NFT end up selling at auction for $69 million? I doubt it, but there’s a good chance it will have some real value. There are a few factor working for the value of the NFTs in this collection:
- Rarity. The McRib NFT is super-rare. Only 10 of these will be handed out, and as the law of supply and demand suggests, when supplies are low and demand is high, the price climbs. Considering the massive following that McDonald’s has and the finite amount of NFTs being given away, there will definitely be some value to them, potentially significant value.
- History. Buying any NFT in the industry’s infancy is an opportunity to own a piece of history, but this particular token goes quite a bit further. Not only is McDonald’s an iconic restaurant, the McRib reshaped the way consumers saw fast food when it was launched in 1981, making it an iconic sandwich. At the same time, this is the first time McDonald’s America has launched an NFT, meaning that owning this particular token is like owning a wrapper from the first cheeseburger produced by the chain, it really is a major piece of the company’s history.
- Following. Did I mention that McDonald’s has a massive following? The company serves 68 million people every day around the world. Some of those people are diehard collectors that have collected everything from Happy Meal toys to dishware and holiday promotional items from the brand. Considering this, there’s likely to be extreme collector demand for these NFTs, helping to boost the price.
Considering these factors, if I had to guess, I believe that these NFTs will sell in the range between 3 and 5 ETH, which at today’s current market value works out to between $13,264 and $22,108.
Keep in mind this is not investment advice, I’m not an investment advisor and not qualified to give one on one investment advice. This is simply my prediction for the fun and sake of making a prediction.
The Bottom Line
The bottom line here is that the NFT industry is growing rapidly and the world’s biggest brands are working to take their slice of the pie. Not only is McDonald’s launching the McRib NFT, Facebook has changed its corporate name to Meta and announced it will soon support NFT and Web3 functionality.
As the NFT industry grows and Web3 becomes a way of life on the internet, those that get their hands on the first run collections from some of the world’s largest brands are likely to reap serious rewards in the long run.