Fast-food chain giant McDonald’s USA is dropping their first nonfungible token (NFT), and surprise, surprise, it’s a McRib. But what is actually surprising is that their tactic could work for your venue too – even if you only have one location.
The Golden Arches is timing the limited edition NFT release around the McRib’s 40th anniversary. These NFTs are digital versions of the elusive sandwich, and only a select few have been made. The brand will be giving 10 nonfungible (and non-edible) McRibs away to fans on Twitter from November 1-7, 2021. Winners will be announced by November 12, 2021.
The NFT launch is a way for McDonald’s to capitalize on the cult favorite sandwich, which has amassed a dedicated following through the years because of its rarity. Unlike Starbucks’ seasonal items, like the Pumpkin Spice Latte and Caramel Brûlée Latte, which appear on menus like clockwork (or even a little early), no one ever really knows when the McRib is going to drop.
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Conspiracy theories about the reconstituted pork sandwich aside, there’s one thing we can all agree on: people go nuts for the McRib. That’s why it’s such a good candidate for an NFT.
What does any of this mean for independent bar and restaurant operators?
Obviously, it’s hard to compete with the McRib in terms of global notoriety. But, independent spots often create their own local cult classics. Think of Freed’s Bakery’s over the top wedding cakes (which have already been made into NFTs), Aaron Franklin’s brisket at Franklin Barbecue, Primanti Bros’ coleslaw and French fry-filled sandwiches and Ross & Daughter’s bagels and lox. People go crazy for these products, and customers buy tote bags, hats, t-shirts and more to proudly show off their fandom.
Personally, I’m obsessed with a fried chicken and biscuit sandwich spot in Austin called Bird Bird Biscuit. If they sell a hat, I’ll buy the hat. If they sell a shirt, I’ll buy the shirt. If they sell an NFT… honestly, I’d consider it.
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Really, NFTs are just an extension of your merchandising. And like with any merchandising, you have to know your customer and manage your expectations. Just because you make an NFT doesn’t mean it’s going to sell for thousands of dollars, especially if your primary audience isn’t tech savvy. Personally, I’d rather wear my Bird Bird Biscuit pride, but I know plenty of Ethereum-loving digital collectors who would be keen to own a digital piece from their favorite bar or restaurant.
If you think your customers would be keen on NFTs, test the waters with the McDonald’s model:
- Select your most popular, NFT-worthy item (if you think it would work as a badge, chances are, it will translate well as an NFT)
- Work with a designer to create your NFT, and get it ‘minted’
- Give the NFTs away through a social media competition, which will help boost your social media numbers
If you get a strong response, you know you’re on to something, and can explore selling the NFTs for future drops. If it flops, back to the drawing board.
One thing our Bar & Restaurant Expo marketing experts always stress is that technology is moving quickly, and if you don’t embrace it, you’re going to get left behind.
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That’s not to say that if you don’t have an NFT on the market, you’re a lost cause. This is just one way to experiment with a new form of marketing. Hopefully it works and you get a few people in your market excited. If it doesn’t, you learned a few things along the way about NFTs, and have more data, and more confidence, to experiment again next time.
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