Budweiser — Launched 11/29/21

Details:

Brand: Budweiser

Launch Date: 11/29/21

Product: Budverse Cans Heritage Edition

Website: https://us.budweiser.com/nft

Discord: https://discord.gg/r5Wse3DMu5

Marketplace: https://opensea.io/collection/budverse-cans-heritage-edition

Short Story:

Budweiser announced their intention to enter the NFT world on November 5, 2021 with the public launch of their Discord server. The first 1,936 members (in honor of the year of the first Bud can) were granted OGBud status. On November 24, 2021, it was announced on the Discord server that the first NFT drop would occur on Monday, November 29, CyberMonday.

The sale consisted of 1,900 core cans ($499 each) and 36 gold cans ($999 each) that will ‘act as an entry key to the Budverse, unlocking exclusive benefits, rewards and surprises for all 21+ (or legal drinking age) NFT holders’ with additional benefits to be offered exclusively to gold can holders.

On the day of the launch, purchasers were directed to the official website and were allowed to purchase on a first come, first served (‘FCFS’) basis. Sales were conducted through a relatively new purchase process called Coinbase Commerce.

What Happened:

The relatively small product run ensured a quick sellout, although there were reports of problems with the Coinbase Commerce platform and as of publication (48 hours after launch), there are still approximately 150 NFTs that have not been distributed to purchasers. As of this moment, the floor cost on OpenSea of a Budverse NFT is 0.275 Eth (~$1,278).

My Take:

While Bud and NFT enthusiasts are definitely supportive of this product, and it has enjoyed healthy demand, the launch hiccups dampened excitement. Additionally, while there is promised future utility to these products, it is not yet clear what form they are going to take. If I were to guess, I’d expect us to see exclusive merch drops and party invites offered to the small owner base. It will be very interesting to see how Bud leverages this small promotion into a broader marketing campaign.

The Brand was wise to make this first launch small (something we’ll visit upon in my next post) so that there were not too many disappointed customers when they hit the inevitable road bumps. That said, pushing collectors to pursue the OGBud status but failing to reward them with access to this first drop let a lot of passionate NFT collectors down. Additionally, I recommend that brands be more specific about benefits from their NFT-products so that collectors know what they’re getting into, rather than just creating a speculative bubble around their IP.

I plan to provide updates as we see Budweiser provide real benefits to their NFT-holders.