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Taco Bell's NFT Crypto Tacos Aren't Meant For Eating But People Are Loving Them Anyway

·1 min read

Yum! Brands, Inc (NYSE: YUM) subsidiary Taco Bell is dishing out its signature food in non-fungible token form and people can’t get enough.

What Happened: On Sunday, Taco Bell released and sold out the first set of its taco-themed NFTs on the Rarible marketplace.

The fast-food restaurant operator created five NFTs selling them as collectibles in a set of five.

The initial price for the NFTs was 0.001 ETH or $1.79 and the highest bid reached up to 0.4 wETH or $700, according to The Block.

Taco Bell said on its Rarible page, “100% of the profits earned from this sale will be donated to Taco Bell Foundation, Inc. to empower youth to discover and pursue their career and educational pathways.”

See also: Best Cryptocurrency Apps

Why It Matters: On Monday, it was reported that the tokenized version of the Banksy artwork “Morons” sold for over 4,000 on the Open Sea NFT marketplace.

The original piece was destroyed by cryptocurrency enthusiasts in order to create the NFT.

NFTs have been generating a buzz of late with artists such as Grimes, partner of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, Beeple and Lindsay Lohan releasing works using the technology akin to a digital certificate of ownership.

Last week, Litecoin (CRYPTO: LTC) creator Charlie Lee warned against the NFT frenzy.

Price Action: Yum! shares closed nearly 0.2% lower at $104.14 on Monday. Bitcoin (CRYPTO: BTC) traded 6.48% higher at $53,788.18 at press time.

See also: What is a Non-Fungible Token (NFT)?

Photo by Kake on Flickr

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