Croatian companies launch Crypto Pig NFTs tied to real pork meat

Croatian companies launch Crypto Pig NFTs tied to real pork meat

Three notable Croatian companies have launched GoAgro, a unique online platform that allows investors to buy “Crypto Pig” NFTs. Aimed at uplifting the flagging meat industry in Croatia, the project will enable holders to redeem the NFTs in exchange for real pork meat.

World’s first crypto farm

Agroporc, Beyondi, and Blok Be are the three mastermind companies behind this novel concept. According to the Croatian news outlet Poslovni Dnevnik, the purchase price for each pig NFT is set at €250. Astonishingly, this price is equivalent to a hefty 100 kilos of pork meat.

The ambitious goal of these companies is to issue a staggering 240,000 Pig NFTs in total. Each NFT has a maturity period of 900 days. This means that after this period, investors have the option to roll over their investment, sell it, or, intriguingly, convert it into a tangible 107.5 kg of pork meat.

Proceeds from this initiative will be funneled into starting pig farming operations on two farms owned by Agroporc.

Revitalizing pig farms in Croatia

The Crypto Pigs venture holds significant promise, especially considering the dwindling state of pig farming in Europe. The project is also in line with the growing food NFT market, which is expected to grow 42.5% annually until 2030 according to recent studies.

The platform’s vision is clear. Kresimir Kuterovac, the director of the project, shared: “The aim of the project was to connect directly farmers and consumers.” He emphasized the need for this connection, especially since the traditional pig farming sector faces a downward trend across Europe.

However, the decline is much steeper in Croatia. The nation has been severely impacted by the recent outbreak of African swine fever, which has further hampered local production. Kuterovac offered a sobering insight, claiming that Croatia is on track to meet only a meager 40% of its domestic demand for pork meat from its local farms.

This innovative NFT-based approach hopes to breathe new life into the Croatian meat industry. By bridging the gap between farmers and consumers through blockchain technology, these companies are charting new territory.

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