Taco Bell, a US restaurant, has also joined the NFT craze, selling Tacos as NFT digital collections sold out immediately. The company made sales on Rarible, a popular NFT market. The items are now NFTs, distinct digital articles which could stand for GIFs, artworks, games, or videos. The firm built five unique NFTs, offering each separately for 0.001 Ether, an equivalent of $1.79, a relatively cheap price compared to its counterparts in the NFT marketplace. Taco will earn 0.01% of any sales made from the objects. The money made from the sales will be given to Taco Bell Foundation, an NGO that assists youth in getting jobs and developing their careers.
Not All the Taco NFTs are Available for Sale
Some of the names of the digital collectibles are “Gimme That,” “Transformative Taco,” and others. While some of the Tacos come in the form of images, others are GIFs or brief videos. Meanwhile, anyone who is interested in buying a taco NFT may have few options. The reason is that “Swivel, Taco” is the only one available for sale now and depending on whether the owner is ready to sell it or not. A bidder placed a $260 bid on them.
Whereas other collectibles are not available for sale, but anybody can still bid on them. Meanwhile, someone has bid $700, which is the highest now; it is unsure if the owner is ready to sell it. The Rarible’s Taco Bell handle has two different Non-fungible tokens, which are based on Chainlink. This platform enables blockchains to engage in close interaction with live data, and it comes with a token named after it.
The NFT Sector is Becoming Increasingly Popular Among Institutional Investors
Recently, many famous individuals and companies have come out with their unique digital collections using NFTs. A notable one is NBA Top Shot which now makes key highlights of some of its matches in NFT. Now, the NBA Top Shot has shot up to $32 million daily trading volume. Doctor Who, Rabbids, and several musicians and video game actors and actresses have now been used as NFTs. Also, musicians have joined the industry. Research shows that the trading volume of the NFT marketplace in February 2021 alone is higher than the overall $250 million recorded in 2020.
The rate at which institutional investors are eyeing the crypto industry is interesting. For example, in January, Tesla, the electric car manufacturer, invested $1.5 billion in Bitcoin. It didn’t stop there. The firm disclosed that it was planning to accept Bitcoin as a payment option. Earlier, Michael Saylor had invested huge sums in Bitcoin.
Expectedly, when Elon Musk announced the Bitcoin purchase, people across the crypto world were excited. Musk’s move attracted many other individuals and institutional investors to also invest in cryptocurrencies. We also have hedge funds, such as Microstrategy, that have invested in Bitcoin; other investors are looking at altcoins, come comes with several other opportunities such as NFTs, a term used for some scarce digital items that stand for different products like artworks, video games, and more.