Coca-Cola reinvests in Web3 with new NFT collection

Coca-Cola is once again leveraging the tools of Web3 with a new NFT collection tied to its recent “Masterpiece” campaign. The drop, in collaboration with Web3 partner Coinbase, is a series of digital Coca-Cola bottles imprinted with artwork from the “Masterpiece” hero spot. The artwork includes Edvard Munch’s “The Scream” and Johannes Vermeer’s “Girl with a Pearl Earring,” as well as other pieces from emerging artists. Read more about the “Masterpiece” campaign here Although not its first NFT activation, Coca-Cola has lately held the Web3 space at a distance, instead prioritizing generative AI as its technology of choice. During Ad Age’s Web3 Marketing Summit earlier this year, Pratik Thakar, Coca Cola’s then-global head of creative strategy and integrated content, said, “AI is going to be more fundamental [than Web3 technologies]. The OpenAI platform is very practical. I can use it every day. [But] I’m not going to buy crypto everyday. Or, I’m not going to spend a few hours every day on Roblox or any particular metaverse platform.” As if to signal the brand’s headlong shift toward AI, Thakar recently assumed a new role at Coca-Cola: global head of generative AI. The beverage giant in February struck a deal with Bain to explore the use of OpenAI tools in marketing. The rise of AI is not the only reason that Web3 has fallen out of favor. The crypto industry has faced a downturn since the middle of last year, which has negatively impacted demand for its core assets. The NFT market, too, is a husk of what it was a year and a half ago. Even creators, lured to Web3 by its promise of better treatment and pay, have abandoned Web3 as buyers and marketplaces renege on coughing up royalty fees. So why is Coca-Cola choosing to drop NFTs now? The answer, in part, has to do with Coinbase, which last week launched a layer-2 blockchain called Base. Layer-2s sit on top of primary blockchains, such as Ethereum, and are intended to offload congestion from those networks, thus allowing for faster transactions and lower transaction fees. To celebrate the launch of Base, Coinbase has tapped partners from the consumer packaged goods, gaming and art spaces to participate in an NFT minting fest called “Onchain Summer.” Coca-Cola, Atari, Showtime and OpenSea are some of the biggest names taking part, becoming the first players to drop NFT collections on Base. “We chose to release our Coca-Cola Masterpiece digital collectibles collection during Onchain Summer with Coinbase because they are leaders in the Web3 and Crypto space,” Thakar said over email. Coca-Cola’s “Masterpiece” NFTs dropped at 12 p.m. EST on Aug. 13. Eight different tokens will be available for 72 hours, between the price of 0.0011 ETH (~$2) and 0.014 ETH (~$26). NFT marketing blog Catch up on the latest non-fungible tokens from brands Click here

Coca-Cola reinvests in Web3 with new NFT collection

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