All You Need To Know About Mic Drop

Soft-drink manufacturer and behemoth, Pepsi has recently joined the NFT bandwagon with a one of its kind launch of Pepsi NFT- The Pepsi Mic Drop.

Pepsi announced entering into the NFT market on 9th December, this year. The Pepsi NFT collection will include 1,893 non-fungible tokens (1893 being the year, Pepsi was born). With the brand clearly reminiscent of pop culture, youth, and a legacy, the opportunities for it to explore the NFT world are exponential.

So, what should you expect from the NFT collection by Pepsi? Here’s all you need to know about Pepsi and its NFT collection.

All You Need To Know: The Pepsi NFT Collection

Pepsi launched its non-fungible token collection, on the Ethereum blockchain.

The collection launched by the soft-drink brand carries a unique touch of the brand’s colors and identity with caricatures of microphones in different attributes. As mentioned above, there are 1,893 unique NFTs up for grabs.

Pepsi has always been a brand that’s closely related and in line with the pop culture and the ongoing trends in the social world out there. The Pepsi website calls the NFT collection- The Pepsi Mic Drop.

The Pepsi NFT collectibles are designed and created by VaynerNFT, a consultancy under the umbrella of Vayner Media, a media and consultancy firm of social media personality and entrepreneur Gary Vaynerchuk.

Here’s you you can buy NFTs from Pepsi.

On December 10th, 2021 the brand’s official Twitter handle tweeted a link with a form for everyone. Adding to the hype, they mentioned that the first 1,893 who filled the form would etch their name in the waitlist for these collectibles.

Finally, when the NFTs went live after four days, on 14th December 2021, the waitlist was released as well. This move and a campaign-style announcement created a much-needed hype around the brand’s first step into the crypto world.

Moving further, every person with their name on the waitlist got a chance to mint one Pepsi NFT out of the 1,893. The official Pepsi Mic Drop website allowed the participants to link their Metamask NFT wallets. Adding to the much-hyped NFT launch was the fact that these NFTs were technically free.

Pepsi announced, that only the gas fees to mint the tokens will be included, while the rest of the prices will amount to zero, i.e. will be absolutely free.

“Pepsi has always been a brand with a strong heritage in music and pop culture, so it’s only fitting for us to bring that legacy into the new world of NFTs with a ‘mic drop’ of epic proportions,” said Todd Kaplan, Vice President – Marketing, Pepsi, as mentioned in PR Newswire.

A Hint of Rarity For Its Value

The Pepsi Mic Drop NFT has made sure that while the initial collectibles are free and up for grabs, there are elements that add to its value.

For the created artwork, there are 6 different attributes, that differentiate amongst each other and form 50 different styles among each other. The rarity factor is distributed amongst each other in the following manner:

• 10 shimmering Pepsi NFTs
• 15 uplifting stages
• 12 head-spinning accessories
• 5 facial accessories
• 6 serene soundwaves
• 1 stunning lens flare

Moreover, as per the Mic Drop website, there are 50 more NFTs that are held back and will be released shortly. While there are speculations that these might be launched in an auction-like manner, the website as of now mentions “stay tuned” regarding an update on the same.

Steps To Buy The Pepsi NFT

The Pepsi Mic Drop NFT website mentions a three-step easy process to buy the NFTs launched by the brand.

1. Set up your Metamask wallet, which is the prerequisite for buying these Ethereum based NFTs. However, for someone who doesn’t use Metamask, the website redirects to a link connecting to a list of other Ethereum-based NFT wallets. 
2. Buy Ethereum to pay for the gas fees. Once again, the website clearly states that while the NFTs would be free, minimal gas fees would be required to conduct the transaction. Moreover, the gas fees may vary depending upon how busy the network is at the time of minting.
   
   
3. Further, in the final step, the website mentions that one might need to transfer ETH to their wallets for the gas fees.

Rules And Regulations For Pepsi NFT

While the NFT collection from Pepsi is free to buy, there are certain regulations that come attached to it.

The participants for the Pepsi Mic Drop can be US nationals only, due to taxation purposes. Moreover, the participants taking part in the NFT drop are required to present their tax compliance status and other details upon request, in order to be eligible to participate.

For further rules and regulations, and a list of other terms and conditions, you can visit https://micdrop.pepsi.com/terms-and-conditions.pdf.

How Are The NFTs Faring Right Now?

Pepsi Mic Drop NFTs have been faring quite well in the NFT world for now.

As per OpenSea, the NFT has 1.4K owners with a floor price of 0.57 ETH. The 90-day average price for the NFT is around 1.2067 ETH. As of the listings, the Pepsi Mic Drop #1198, with a current price of ETH 1.33 or $5,348.97 (as of when this article was written), is the highest priced NFT from right now.

However, the sales have reduced by 33% in the last 2-3 days, but the prices have been seeing going up, with Christmas nearing.

Conclusion

A brand like Pepsi or Nike entering the NFT space is always good for any industry they enter.

While this is a very early stage to determine what the brand’s entry into the crypto market means either for the brand or the market, it certainly brings the big player to the level NFT playing field.

There aren’t any specific speculations and predictions regarding the NFT launch from Pepsi, but it is going to be interesting to look for the smallest of the developments around the same.