Taco Bell launched a collection ofcrypto art for $1 each, and they sold out in 30 minutes.- Some pieces have already resold for over $3,000.
- NFTs are digital assets that make up a $250 million market.
Taco Bell just became the first
NFTs are digital assets that have been around since 2017, and in 2020 they became a $250 million market. Creators are already realizing the potential to make millions in the relatively new space. $4 sold her digital collection for $5.8 million in a 20-minute auction. A Miami art collector sold a 10-second video for $4 The $4 online marketplace has done over $4 in sales in just the last week.
Taco Bell's 25 total pieces of crypto-art sold in under 30 minutes on Sunday on the platform $4, the company told Insider. The five types were each related to Taco Bell's menu in some way, and started out priced at $1 each. The $4 piece received the highest bid of 2 WETH, or about $3,646, according to $4 One of the pieces is for sale now for 10 ETH, or $18,365.25.
Even with the low initial price of a dollar, the pieces can generate significant money for Taco Bell, which gets 0.01% in each subsequent sale. Taco Bell says all profits will go towards its Live Mas scholarship.
Another piece in the collection, $4 shows a 43-second clip of what looks like a spicy potato soft taco. The timing of these NFTs fits nicely with the $4 to Taco Bell's menu on March 11 after backlash from furious customers.
"Right now, we are in the experimentation phase of the market, so I would expect to see lots of different experiments from musical and visual artists, brands,
"That said, in the long run, I expect that there will be way more supply of NFTs than there is demand for them, and the cream will rise to the top," Pakman said.
Taco Bell "may drop a second one in the future" the brand hinted.