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Food and beverage industry bites into NFTs, but is it late to the party?

Nestle is also doling out NFTs, as are restaurants, cafes and alcohol brands, but will people dip into this growing digital platter?

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5 min read Last Updated : Jun 02 2023 | 3:59 PM IST

On June 1, 2023, Nestle formally announced its entry into the world of NFTs, or non-fungible tokens. Through its brand Maggi, it launched three of its products – Maggi noodles, Maggi masala-ae-magic, and hot and sour sauce – on the metaverse for a gamified version wherein people in their virtual avatars can compete to win the “Golden Maggi NFT”.

The FMCG giant tied up with OneRare, a Delhi-based blockchain start-up that specialises in creating NFTs for the food and beverage (F&B) industry through collaborations with restaurants, celebrity chefs and food brands. Through its NFTs, Nestlé expects to bite into Web 3.0 to build loyalty, traction and a strong community of younger consumers. As a pre-launch campaign in March, the company ran a contest on the metaverse, which drew over 100,000 impressions on the OneRare website.

“Web 3.0 will increasingly become a natural extension of F&B brands’ marketing and