Macy's is now jumping into NFTs and Thanksgiving is a perfect way to test and see
Who has the biggest balloons in the land and now has entered the NFT fam?
Macy’s the department store behind the famous Thanksgiving Day Parade in New York is giving away 9,500 NFTs to celebrate its 95th year of the event. Ten “ultra rare” versions of the NFTs are being auctioned and have already generated thousands in bids.
Macy’s said it will begin giving away the free NFTs on Thursday, Nov. 25 at 10 a.m. EST.
NFTs are tokens that represent ownership rights over digital items, such as videos, images, or music files. The Macy’s NFTs, which are Ethereum-based tokens on the Polygon network, donate 10% of every secondary market sale to the Make-A-Wish Foundation.
It’s the same as when artists set up their NFTs to send them a commission each time their art resells. Meanwhile, all of the proceeds from the ultra-rare collection will go to the foundation.
Macy’s NFT debut comes after Visa, Budweiser, McDonald's, and even Charmin have taken a shot at engaging consumers with digital collectibles. Most have designed their NFTs to automatically transfer some portion of sales to a charity. And all of them have been met with mixed results.
But there has been at least one significant win in the category. Visa paid 50 ETH (about $165,000 at the time) to add CryptoPunk #7610 to its “collection of historic commerce artifacts.” Following the purchase, the lowest price commanded by NFTs in the collection has hovered around 100 ETH, or around $400,000, and many of them command prices in the millions.