It’s not uncommon nowadays to see big brands trying to enter the highly popular NFT technology. Many influential brands from all sorts of industries have jumped on the bandwagon. Even, Fast-food giant McDonald’s is also going to proceed in that direction with sets of NFTs.
McDonald’s China has recently released a set of non-fungible tokens (NFTs) to celebrate its 31st anniversary in the Chinese market. In fact, the fast-food giant has released a total of 188 NFTs on 8th October. Moreover, it has branded them as “Big Mac Rubik’s Cube”. Also, it plans to distribute those NFTs among employees and consumers as a part of the giveaway.
As for the development of the NFTs, Cocafe, a digital asset creation agency has created them on the Confluux blockchain. This ensures that “each work is unique, indivisible and non-tamperable.”
McDonald’s offering NFTs in China does sound odd considering its stance towards the technology. However, an even more important point to consider is that CITIC Group, a state-owned investment company has a majority stake in the fast-food chain.
Looking through this, the move goes against the present regime’s intent to ban all stuff related to crypto completely. In fact, the ban has forced many popular companies like Bitmain, to shop shipping its items into China altogether.
Unfortunately, this isn’t the only example. Huobi, a popular crypto exchange in China, has stopped customer registrations due to this. Moreover, the crypto exchange will close down all its business till the end of the year. While the global mining rate suffered due to China’s dominance in the field before, the effects have reversed now.