Budweiser Buys Beer.eth Domain Alongside NFT

Beer producing giant, Budweiser, has acquired the Beer.eth domain name for 30 ether (roughly $95,000), as well as a non-fungible token (NFT) picture for 8 ether (about $25,000).

Consequently, the company has changed its Twitter profile picture to that of its latest NFT purchase, a rocket ship designed by NFT artist Tom Sachs.

A link to the Decentralised Naming System (DNS) address on NFT marketplace OpenSea shows the rocket displayed in Budweiser's Twitter profile was bought for eight ether (US$25,000).

This is coming after fintech company VISA acquired a CryptoPunk NFT for $150,000, signalling that NFT adoption is already reaching institutional levels.

Richard Oppy, vice president of global brands at Budweiser's parent company, Anheuser-Busch InBev, announced last month that the beer brand is investing in a new NFT media shop run by internet entrepreneur Gary Vaynerchuk.

The shop, touted as a “long-term business play” by beer company executives, will see Budweiser's, including other beer brands', intellectual property packaged and sold as NFTs.