Pepsi is entering web3 with the launch of Pepsi Mic Drop, a non-fungible token (NFT) collection based on the brand’s pop culture theme. In total, 1893 digital assets will be minted, most of which will be available to claim for free by U.S. residents on Ethereum’s blockchain.
The NFTs depict a microphone-like character with additional features such as hairstyles, sunglasses, and more. Each image was randomly generated by an algorithm and is unique. In addition, the visuals were inspired by Pepsi’s flavors over the years.
Through many strategic campaigns that helped Pepsi become a part of pop culture, the music industry played a crucial role in the process. Pepsi has inked deals with Michael Jackson, Madonna, Britney Spears, Kanye West, David Bowie, and other iconic names in the industry. It is also the main sponsor and organizer of Pepsi’s half time Super Bowl show since 2013, although the contract is about to expire.
A launch of a Pepsi NFT collection was almost inevitable, considering that many other major brands, including its greatest rival Coca Cola and other PepsiCo brands such as Lays’, had already entered the space. The link with microphones and music may be an effort to remind consumers of the brand’s association with the industry.
Consumers have to enter a waitlist, and 1843 will be approved to mint their an NFT free of charge, while the other 50 NFTs will be used for future marketing initiatives. Still, consumers will need to set up a crypto wallet to participate, which may dissuade those who have no experience or interest in crypto. As such, Pepsi is not necessarily looking to make this project mainstream but instead is targeting existing crypto and NFT enthusiasts.
“Pepsi has always been a brand with a strong heritage in music and pop culture, so it’s only fitting for us to bring that legacy into the new world of NFTs with a ‘mic drop’ of epic proportions,” said Todd Kaplan, VP – Marketing, Pepsi.
“We created the Pepsi Mic Drop genesis NFT collection for our fans, putting their interests and needs at the forefront by ensuring the NFTs are all free of charge and presented equitably as an inclusive and accessible opportunity for anyone to experience the exciting world of NFTs. This collectible series of microphones is not only inspired by our history, but also represents the scale and scope of how accessible we see this space becoming in the future.”
The company worked with VaynerNFT for the launch, which was also involved in NFTs for US Open tennis, Budweiser and American Apparel.
Meanwhile, as mentioned, Coca-Cola entered the metaverse through the launch of an NFT collection in virtual reality experience Decentraland. And Adidas partnered with Bored Ape Yacht Club and several other NFT initiatives, marking a big splash.