To commemorate the rollout of the TRIX Breakfast Cereal brand in MENA, Nestle released the NFTs on Opensea.io, with bidding running from March 18 to May 13. The proceeds will go to charity.
Emilien Mesquida, the Business Executive Officer Cereal Partners Worldwide, Middle East & North Africa, said:
“In line with our promise for ‘Better Lives’, we are proud to launch the first blockchain-based initiative in the region aimed towards a humanitarian cause with full proceeds of the TRIX NFTs auction going to the Emirates Red Crescent.”
With TRIX being a heritage breakfast cereal brand intended to ‘put the fun back into breakfast,’ Nestle wants to become more innovative by incorporating NFTs.
Bahaa Boulmona, the Brand Manager Cereal Partners Worldwide, Middle East & North Africa, noted:
“We are excited to announce that TRIX® is the first and only breakfast cereal brand in the world to have launched its own NFT series - showcasing how daring and adaptable our brands are.”
Despite NFTs being relatively new in the crypto space, it continues to take the world by storm based on the substantial trading volume and adoption witnessed.
For instance, market insight provider IntoTheBlock recently pointed out that the total volume traded by NFTs recently surpassed 18 million ETH, with the aggregate value topping $54 billion.
Furthermore, the NFT trading volume grew exponentially from the start of the year, rising by more than 220%.
Therefore, more brands are jumping on the NFT bandwagon, for instance, South Korean auto giant Hyundai Motor became the first automaker to offer community-based non-fungible tokens.