(Eater) Pizza Hut Canada has announced it is releasing “1 Byte Favourites,” aka digital images of pizza, as non-fungible tokens.
“Pizza Hut believes no world should exist without pizza, especially their pan pizza. That’s why they wanted to make sure it was enshrined in the digital universe,” they said in a release.
Each week the company will release a new image of a pizza slice, each of a different recipe, for purchase on Rarible. The first-ever “slice” was listed for $0.0001 ETH (a cryptocurrency the equivalent of 18 cents), but wound up being sold for $8,824.
So, what the hell does this mean?
A non-fungible token is essentially a unique digital asset available for purchase with cryptocurrency on the Ethereum blockchain. Once an artist or company uploads this digital asset, “the NFT will exist permanently on the blockchain, so long as the chain remains in operation. As a result, no two NFTs are purely identical, since each piece contains unique digital properties,” explains Vox.
This idea of rarity is driving a collecting boom, with people paying millions for essentially unique jpegs.
Instead of paying money for a slice of pizza, you’re paying money for a one-of-a-kind digital picture of pizza, even though that doesn’t include IP rights, so is it even yours?
…Pizza Hut isn’t the only one getting into the NFT market. Taco Bell has sold NFT gifs of tacos…
So congrats to whoever thinks they own these things. Hope your slice of digital pizza that you can’t eat brings you a lot of joy!