Pizza Hut has sold what could be the first official NFT pizza slice; or NFP, Non-Fungible Pizza, as the company is calling it.
On Wednesday, Pizza Hut Canada “dropped” a pixelated pizza on Rarible, one of the marketplaces that has popped up to trade Non-Fungible Tokens. NFTs are surging in popularity among collectors and cryptocurrency enthusiasts, and some are calling it a bubble. NFT artwork has sold for $69 million; digital sports trading cards for more than $200,000; and a Taco Bell NFT promotion sold for close to $20,000 last week, and some collectors were asking for close to $200,000 for Taco Bell's art on the resale market. NFTs don't always sell for the asking prices, though. Brands are getting in on the frenzy, and even if the value doesn’t last for all these digital items, NFT technology has a future in media and commerce.
Pizza Hut used its NFT as a simple marketing opportunity to promote four new pizza recipes coming to Canadian restaurants next week. Pizza Hut Canada titled its NFT pizza art pieces “1 Byte Favourites,” and there are four representing each recipe: Pepperoni, Hawaiian, Canadian, and Margherita.
“Be the first to own a Non-Fungible Pizza, with 1 Byte Favourites from Pizza Hut,” the listing says on Rarible.com. “Yours for approximately the cost of a bite of Pizza. It could be the most satisfying purchase you will ever make.”
Pizza Hut listed the pizza art for sale at .0001 Ethereum, which is equivalent to 18 cents. Ethereum is the cryptocurrency that backs most NFTs. Pizza Hut’s pepperoni NFT sold this morning, according to the transaction ledger on Rarible.