In a complete surprise move Taco Bell has entered the NFT space by selling crypto art through Rarible. All revenue will go to charity and they instantly sold out. The only problem is that they made 43 dollars in revenue and claim only 0.01% on resales.
Tace Bell launched their NFTacoBell page on Monday, almost instantly selling out all their artworks of 5 prints each. Obviously all five Taco Bell NFT artworks are based on their household food product.
Interesting is that the profits from the art sale will be donated to the charity organization Taco Bell Foundation. This organization supports and empower youth to discover and pursue their career dreams. Therefore it’s even stranger that the artworks were sold for only 0.001 ETH a piece.
This would bring the revenue from the all the artworks to 0.025 ETH, which is just over 43 dollars. In addition they claim only 0.01% of all re-sales. This strongly suggests that this round of artwork won’t get the Taco Bell Foundation a lot of money.
What is NFT art?
NFT art or crypto art is a piece of digital art that is tokenized on the blockchain as a non-fungible token (NFT). That means that the owner of the token will always hold a proven and original copy of a piece of art. Just like physical art, there can be unlimited copies. But ultimately there can only be one Mona Lisa.
Mostly we value art for its aesthetics and cultural relevance, but above all on the ability to verify the creator and its proven rarity. With blockchain technology these last two features are part of the blockchain. Everybody can see and confirm who minted these original creations.
The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images as valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is. Being able to verify the authenticity and rarity of a piece of art is crucial. In the end everything can be art. It doesn’t matter whether it’s a still image, moving image, video, music or a combination of everything.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn. He’s also Head of Content for DappRadar.