Blockchain and traceability drive NFT adoption in the food & beverage sector.
adoption is picking up steam across the food and beverage industry, with many fast-food chains displaying interest in this new asset class.by ResearchAndMarkets.com states that the global food & beverage NFT market size is expected to reach USD 2,134.04 Million by 2032. These statistics have been evident as recently, Global fast-food brands, including Pizza Hut and Papa John’s, are discovering new ways to integrate NFTs into their marketing strategies.
The report states that the key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in and video games, promotions and advertising from food companies and restaurants are other factors expected to drive the market in the forecast period.
Graphic representation of predicted growth for the Food & Beverage NFT market. Source: Research and MarketsThese are created using blockchain technology, a decentralized digital ledger that records transactions transparently and securely. The value of an NFT can vary greatly depending on the rarity and popularity of the item it represents, with some NFTs selling for millions of dollars. In the food industry, the NFT market gains traction due to the demand for transparency and traceability. Tracking and verifying food origin, quality and safety is crucial for consumers, retailers and regulators.the NFT trend with"1 Byte Favorites," a digital pizza collection.
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