Coca-Cola Partners with SolSea for Music Festival NFT Drop

Coca-Cola, one of the top beverage distributors in the world, is taking another step into Web3. This time, its Serbian branch is partnering with Solana non-fungible token marketplace SolSea to drop a set of limited edition NFTs for attendees of the EXIT Festival, which takes place in Novi Sad, Serbia, from July 6th to the 9th.

The activation is three-fold:

  1. By standing in front of a ‘Magic Mirror,’ users can virtually try on 3D merchandise
  2. The 3D merchandise includes short-sleeved and sleeveless shirts
  3. The company will give away 100 exclusive hoodies with corresponding NFTs

Interested festival goers can find the activation in the Coca-Cola area of the festival. The Magic Mirror also will provide an instant memento that participants can share or use to remember the event. EXIT is an annual festival in Serbia that counts among its performers this year The Prodigy, Wu-Tang Clan, and Skrillex.

Coca-Cola Serbia is splitting the NFT allocation. Some will go to the average festival goer, while the company will reserve others for higher-paying attendees. There is no word yet on what the NFTs will look like or what the specifics of the drop will be. Given that the partner is SolSea, it is likely, however, that the NFTs will reside on the Solana blockchain.

The activation will use technology from All.Art, which is an artist centric Web3 protocol that has its own metaverse. Many companies are experimenting with augmented reality technology to give customers the opportunity to try on clothes virtually, an innovation that enhances the buying experience.

Coca-Cola Builds in Web3

Coca-Cola, an American multinational company founded in 1892, is well-known for its beverages, which have reached international fame. But what may surprise you is its attempts to make inroads into Web3. Over the past two years, it has tapped the metaverse and non-fungible tokens to brand itself as hip in this new technological landscape.

Here are some of the headlines of the projects it has started:

In particular, the company seems intent on capitalizing on big events or social celebrations: the World Cup in Qatar, Pride Month, Friendship Day. Many of its Web3 projects have been focused less on profits and more on building its brand. For instance, the proceeds of the NFT Pride Month drop went to LGBTQ+ organizations, and its Friendship Day NFTs benefited Special Olympics International.

So, while many corporate NFT drops are cash grabs and simply another attempt to create a revenue stream, Coca-Cola has bucked that trend by eschewing profit altogether. Rarity Sniper will keep an eye on the beverage company’s moves in the space and report back.