German retail giant Kaufland turns its head to the rapidly growing crypto community and leverages the bear market to release a marketing campaign to attract a younger audience. Holders of rapidly devaluing NFTs can now exchange them for €10 shopping vouchers, offering a fresh utility to the otherwise illiquid NFTs.
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Kaufland’s fresh approach to NFTs
Slated to run until the 30th of October, 2023, this program allows holders of diminishing-value NFTs to exchange them for a shopping voucher worth €10. But there’s a twist – the vouchers are only redeemable for delicious, fresh fruit and vegetable products at Kaufland stores.
NFTs, once the hottest commodities in the digital landscape, have experienced a substantial dip in value in recent months. These digital assets, predominantly linked with art and other virtual objects, have left many investors scratching their heads.
As the majority of these digital assets wane in their worth, Kaufland sensed an opportunity. Christoph Schneider, managing director of marketing at Kaufland Germany, opines:
“The vast majority of NFTs that are on the blockchain are no longer worth anything today. [This is] a perfect time for us to surprise the NFT community with good news.”
Who better to represent this refreshing campaign than ‘NFTobi‘, the animated face of the initiative, who’s also making waves on YouTube.
European retailers exploring the NFT frontier
Kaufland’s initiative is not the only European retail strategy involving NFTs. Earlier this year, Italy witnessed two major NFT-related launches by renowned retailers. Bennet, the Italian hypermarket chain, stepped into the NFT scene by introducing the Bennet NFT Club, a pioneering customer loyalty venture rooted in blockchain and NFT technology.
Spanning three distinctive ‘NFT by Bennet’ collections, enthusiasts have a whopping 2,700 different digital objects to choose from. Notably, the foundational design of these NFTs is inspired by the fresh look of the Bennet shopping bags, a creation of the IED-Istituto Europeo di Design.
Gruppo VéGé, a well-regarded retail cooperative, also dipped its toes in the NFT waters. In January, they unveiled a special NFT commemorating the brand’s prestigious recognition as a ‘historic brand of national interest’. Titled “L’Italia faceva la spesa, Gruppo VéGé faceva la storia“, this limited-edition NFT had only 99 copies available on the revered OpenSea platform.
In the evolving landscape of retail and cryptocurrency, Kaufland’s unique proposition underscores a seamless blend of traditional shopping with the digital age’s nuances. As the world watches the ebb and flow of NFTs, it remains to be seen how other retailers worldwide will incorporate or innovate with these digital assets. For now, if you’ve got an NFT collecting virtual dust, why not trade it in for some fresh produce at Kaufland? It’s an offer too juicy to resist!