Home » NFT Plunge and Black Friday Crypto Deals on Thanksgiving

NFT Plunge and Black Friday Crypto Deals on Thanksgiving

by Carolina Lynch
NFT Plunge and Black Friday Crypto Deals on Thanksgiving

This Thanksgiving, holiday-themed NFTs and Black Friday crypto offers will no doubt make for delectable discussion points, but how will people react to these offerings?

The mainstream acceptance of cryptocurrencies is well underway, as evidenced by the growth of the Metaverse and prominent brands announcing decreases in nonfungible tokens (NFTs). According to recent research from the Pew Research Center, Americans in particular have developed an interest in cryptocurrencies. Nearly a quarter of 10,371 adults in the country said they were acquainted with cryptocurrencies, while only one-eighth (13%) claimed to be completely ignorant of the idea. The United States, behind Canada and Australia, is the third most interesting country in NFTs, according to additional research by online broker firm BrokerChooser.

It shouldn’t be surprising that this year’s Thanksgiving dinner conversations will likely center on the price of Bitcoin, NFTs, and cryptocurrency in general given America’s interest in cryptocurrencies. NFTs with a seasonal theme and Black Friday cryptocurrency sales, in particular, might be of interest.

The Most Intriguing Traditional Thanksgiving NFTs

In light of this, a fascinating conversation starter can be about how many well-known merchants and businesses have started including NFTs with seasonal themes in their product lines. For instance, on November 25, or Thanksgiving Day, Macy’s, one of the biggest department stores in America, will debut its Macy’s Parade NFT series.

The Macy’s Thanksgiving Day Parade has been a celebration of the finest of popular culture for more than nine decades, according to Dave Torres, vice president of digital marketing at Macy’s. As per Torres, Macy’s has used its distinctive balloons and floats in the Thanksgiving parade to produce works of art both in the air and on the ground. Given this, Torres stated that one of the objectives of the parade NFT project was to better understand emerging trends while ensuring that Macy’s is ready to embrace the newest development in digital brand experiences.

The enterprise NFT solutions provider Sweet runs Macy’s NFTs, which are based on the Polygon blockchain. According to Tom Mizzone, CEO of Sweet, a consumer brand NFT platform, the Macy’s Parade NFT series includes parade balloons from the parade’s 95-year history.

Mizzone claims that the Macy’s Parade NFT series is distinctive for a variety of reasons, one of which is that only ten of the NFTs are genuinely available for purchase.

The Make-A-Wish Foundation, an American non-profit that aids children with life-threatening illnesses, will get all the earnings from the 10 NFTs up for sale, according to Mizzone. Regarding the 9,500 free NFTs that Macy’s is dispensing, Mizzone stated that by adopting a permanent giving effort using NFT technology and smart contracts, Macy’s is going beyond the conventional modes of charity giving.

American entrepreneur and television celebrity Martha Stewart has also introduced nonfungible tokens with Thanksgiving themes on her website, MarthaFRESHMint, in addition to the NFT collection from Macy’s. The Thanksgiving-themed collection, Stewart’s second NFT release of the year after the release of her Halloween-inspired collection, will include audio recordings of Stewart’s Thanksgiving recollections.

In association with Tokns Commerce, a provider of NFT solutions for well-known brands and creators, Stewart created a licensed story-telling collection with a Thanksgiving theme. Over 100 NFT collectables are included in the collection, which Jamie Tedford, the CEO of Tokns, a company that provides business solutions for NFTs, told Cointelegraph showcases a fresh perspective on famous magazine photos.

Tedford claims that Stewart thinks storytelling is a dying art that has gotten harder to do over the past few years as people have become more socially distant.

Black Friday Specials and Holiday Cryptocurrency Spending

Retailers, merchants, and well-known brands have begun to accept cryptocurrency payments in time for the holidays, in addition to the Thanksgiving Day NFTs from Macy’s and Martha Stewart that showcase the growth of cryptocurrencies.

For instance, on November 23, movie theater chain Regal, which operates more than 500 locations and 7,000 screens across 42 U.S. states, declared that it would be collaborating with cryptocurrency payment service Flexa to enable customers to pay for movie tickets, food, and drinks using cryptocurrency. It has been mentioned that Regal will take a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Doge, USD Coin, DAI, Gemini Dollar, Chainlink, Cosmos, Basic Attention Token, and more.

The increased demand for digital currency payment choices and the fact that Regal is about to enter its busiest season of the year make this announcement, according to Trevor Filter, co-founder of payments platform Flexa, highly appropriate.

Along with Regal, BitPay, a bitcoin payments company, has teamed up with a number of its partners to provide Black Friday discounts to customers using cryptocurrencies. According to Merrick Theobald, vice president of marketing at BitPay, numerous companies will give customers discounts or rates that don’t include any extra fees, including Ace Jewelers, Newegg, and precious metal reseller APMEX.

Users of the Bitcoin rewards app Lolli will receive double Bitcoin rewards for Black Friday purchases. Lolli offers customers Bitcoin rebates on purchases made at well-known companies like Sephora, Groupon, Macy’s, Nike, and others. According to Lolli’s CEO and co-founder Alex Adelman, the average BTC reward rate will increase to 14% on Black Friday.

Consumer’s Opinions

It’s yet unclear whether consumers will want to use their digital currencies to make purchases or collect holiday-specific NFTs from well-known firms, even though Thanksgiving NFTs and crypto payments appear to be more popular than ever before this holiday season.

Theobald pointed out, for illustration, that although people are going to spend cryptocurrency this holiday season, it could not be as much as in prior years.

Although BitPay discovered that Bitcoin was the most extensively used cryptocurrency for payments, Theobald continued, other coins like Dogecoin and Litecoin, as well as stablecoins, are gaining popularity with users and merchants.

Concerns about the atmosphere and usability, particularly for individuals who are not as accustomed to receiving nonfungible tokens, still exist with holiday-themed NFTs.

Tedford noted that Tokns wants to increase NFT accessibility by eliminating the need for a crypto wallet in light of these difficulties. According to Tedford, credit cards were used in over 90% of transactions on MarthaFRESHMint, with first-time NFT customers accounting for the majority of these sales.

Mizzone noted that Sweet uses the Polygon blockchain for some reasons, one of which is that Polygon has a proof-of-stake (PoS) blockchain, which has implications for the environmental effects NFTs might have. As a result, Mizzone highlighted that Polygon uses far less energy than other chains, by several orders of magnitude.

Torres also disclosed that Macy’s has been intensely focused on launching their parade NFTs, stating that it’s probably not going to be Macy’s last entry into NFTs given the maturity and significance of the NFT area for brands.

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