Yum! Brands, Inc YUM subsidiary Taco Bell is dishing out its signature food in non-fungible token form and people can’t get enough.
What Happened: On Sunday, Taco Bell released and sold out the first set of its taco-themed NFTs on the Rarible marketplace.
The fast-food restaurant operator created five NFTs selling them as collectibles in a set of five.
The initial price for the NFTs was 0.001 ETH or $1.79 and the highest bid reached up to 0.4 wETH or $700, according to The Block.
Taco Bell said on its Rarible page, “100% of the profits earned from this sale will be donated to Taco Bell Foundation, Inc. to empower youth to discover and pursue their career and educational pathways.”
Why It Matters: On Monday, it was reported that the tokenized version of the Banksy artwork “Morons” sold for over $394,000 on the Open Sea NFT marketplace.
The original piece was destroyed by cryptocurrency enthusiasts in order to create the NFT.
NFTs have been generating a buzz of late with artists such as Grimes, partner of Tesla Inc TSLA CEO Elon Musk, Beeple and Lindsay Lohan releasing works using the technology akin to a digital certificate of ownership.
Last week, Litecoin LTC/USD creator Charlie Lee warned against the NFT frenzy.
Price Action: Yum! shares closed nearly 0.2% lower at $104.14 on Monday. Bitcoin BTC/USD traded 6.48% higher at $53,788.18 at press time.
Photo by Kake on Flickr
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