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  • Updated: 5 months ago

Budweiser Buys Beer.eth Domain Alongside NFT

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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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.

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

More From this Author

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