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Coca-Cola said that it will donate all proceeds of the sale to support South Africa’s OUT community, which works towards helping the LGBTQIA+ community.
One of the world’s largest beverage companies Coca-Cola is now willing to enter the world of non-fungible tokens (NFTs). Last week, Coca-Cola announced that it will be launching Pride Series NFT collection to celebrate the LGBTQIA+ community.
For this, the beverage giant has partnered with Rich Mnisi, a multi-award-winning designer and supporter of the LGBTQIA+ community. Coca-Cola said that the reason behind launching these Pride Series NFTs is to spread the message of love. As per their inherent nature, each NFT in this collection will be unique. Coca-Cola also said that the NFT series launch will promote the visibility of the LGBTQIA+ colors.
Explaining their reason behind partnering with Rich Mnis, Coca-Cola said Mnisi’s “artworks are inspired by an enduring idea: that energy cannot be destroyed. It can only be transferred, changed in form, locked up or released.”
Coca-Cola also revealed that the Pride NFT collection will feature 136 NFTs, all minted on the Polygon blockchain network. Some of these NFTs have been already listed on the OpenSea marketplace. Coca-Cola launched its Pride NFT collection at a floor price of 1 Ethereum (ETH).
The beverage giant said that it will donate all proceeds from the initial sale to charities serving OUT, an LGBTQIA+ community. Rich Mnisi specifically chose this community OUT. This is a South Africa-based community providing mental and physical healthcare. Besides, OUT is also the second-oldest charity platform in South Africa.
This move from Coca-Cola shows that NFTs are getting increasingly popular for a wide range of use-cases outside of personal profit. But Coca-Cola is also not the first giant to launch NFTs for its clients. Businesses across sectors, especially the fashion industry, have been leveraging NFTs to sell genuine products in the market.
Similar to Coca-Cola, luxury perfumes and cosmetics firm – Givenchy Parfums – is launching its NFT collection benefitting the Paris-based LGBTQIA+ firm (Le Mag Jeunes). To make this launch successful, Popular community advocate and gallery owner, Amar Singh, will partner with Givenchy Perfumes and Rewind Collective.
Singh said that Givenchy’s Prisme libre loose powder product has inspired him to launch these NFTs.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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