Oviedo Brewing Co. owner and Director of Operations Vishal Chunilal arrived at the brewery at 6 a.m. on Jan. 25 so he and the rest of the crew could start brewing a historic batch of beer.
The batch is a milestone for Oviedo Brewing, not solely because it’s the brewery’s 100th batch. It’s also its first beer that will pair with a non-fungible token, better known as an NFT.
NFTs, totally unique digital assets that often are sold or traded, exploded into the mainstream in 2021. They have grabbed headlines as online NFT traders buy and sell digital artwork for eye-popping prices.
However, some businesses see revenue and customer engagement opportunities in NFTs. That includes Oviedo Brewing, which on Feb. 2 will begin selling NFTs commemorating the brewery’s 100th batch of beer.
Purchase of the NFT includes physical benefits, such as a four-pack of the specially made beer and entrance to Oviedo Brewing’s party celebrating the batch. In addition, the NFT acts as an interactive, tradable memento of the commemorative beer.
Chunilal told Orlando Inno he had heard of NFTs but didn’t know what they were. Then Kirk Bonacci, co-founder of local digital tech advertising and promotions firm MercuryMeta, approached Chunilal with the NFT idea and explained how they work. “Kirk explained it to me, and I still didn't know what it was about. So I researched it. It’s an innovative way for improving the consumer experience.”
Oviedo Brewing will sell 100 NFTs for $100 a piece, each NFT featuring a 3D, animated design inspired by the jungle artwork that will adorn the 100th batch beer cans. The NFTs, unique to this special beer release, have the chance to become collectibles among beer enthusiasts, Bonacci said. Plus, anytime one is sold, Oviedo Brewing gets a royalty, he added.
“This is the first stage. There’s so many things we can do with NFTs. At the end of the day, we’re providing customers with a cool experience.”
Chunilal, who comes from a tech background, said this may be the start of NFTs being used throughout Central Florida’s brewery sector. “I feel it’s going to catch on, and other folks are going to jump into it.”
The NFT first will be showcased at the Orlando Science Center’s Science on Tap event on Jan. 29. The festival and Orlando Science Center fundraiser at Loch Haven Park will include local breweries offering samples of 150 beers, where Oviedo Brewing will offer a first look at the NFT.
Meanwhile, businesses across industries are taking notice of NFTs. Well-known brands including Adidas and Bojangles have partnered with other firms on NFT projects. Plus, a report by New York-based business analytics firm CB Insights graphed the mentions of NFTs by executives in earnings calls since 2016 and, perhaps unsurprisingly, the number of mentions was at zero until it shot up to more than 70 by May 2021.
Consumer goods brands are in the early stages of “leveraging the current buzz around NFTs to promote their products and increase brand awareness among new demographics by auctioning digital artworks related to their brand or product,” according to the CB Insights report.
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