September 25, 2023

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Coca-Cola reinvests in Web3 with new NFT collection

The rise of AI is not the only reason that Web3 has fallen out of favor. The crypto industry has faced a downturn since the middle of last year, which has negatively impacted demand for its core assets. The NFT market, too, is a husk of what it was a year and a half ago. Even creators, lured to Web3 by its promise of better treatment and pay, have abandoned Web3 as buyers and marketplaces renege on coughing up royalty fees. 

So why is Coca-Cola choosing to drop NFTs now? The answer, in part, has to do with Coinbase, which last week launched a layer-2 blockchain called Base. Layer-2s sit on top of primary blockchains, such as Ethereum, and are intended to offload congestion from those networks, thus allowing for faster transactions and lower transaction fees.

To celebrate the launch of Base, Coinbase has tapped partners from the consumer packaged goods, gaming and art spaces to participate in an NFT minting fest called “Onchain Summer.” Coca-Cola, Atari, Showtime and OpenSea are some of the biggest names taking part, becoming the first players to drop NFT collections on Base.

“We chose to release our Coca-Cola Masterpiece digital collectibles collection during Onchain Summer with Coinbase because they are leaders in the Web3 and Crypto space,” Thakar said over email.

Coca-Cola’s “Masterpiece” NFTs dropped at 12 p.m. EST on Aug. 13. Eight different tokens will be available for 72 hours, between the price of 0.0011 ETH (~$2) and 0.014 ETH (~$26).


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