Coca-Cola launches 'Pride Month' NFT collection amid decline in crypto

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As if rainbow-washing wasn’t bad enough during Pride Month, the multinational beverage corporation, Coca-Cola, has launched a Pride Series NFT Collection. This NFT collection combines both the Pride craze, as well as cryptocurrency, which have both been on a steady decline in recent months.

It's nauseating watching Coca-Cola play both sides of the political aisle by supporting both progressive causes while also donating to conservative politicians. The company is also launching its non-fungible tokens (NFTs) on the Polygon blockchain.

The collection, which features 136 NFTs will be minted on Polygon, with some already listed on OpenSea, where it launched with a floor price of 1 Ethereum ($1,100).

According to the beverage giant, all the proceeds it receives from the initial sale of NFTs will be donated to the South Africa-based OUT charity, which provides support to members of the LGBTQ community.

Just minted my @CocaCola x @rich_mnisi Pride NFT 🤝 a little piece of history and some love to @outlgbt pic.twitter.com/DOhPMTk9xf

— Matt Wilburn (@mattwilburn8) June 30, 2022

Coca-Cola says it partnered with designer Rich Mnisi and explained that Mnisi’s NFTs are “artworks are inspired by an enduring idea: that energy cannot be destroyed. It can only be transferred, changed in form, locked up or released.” 

Detailed by Web3 is going great, the pride collection on Polygon are only minting for 335 MATIC, which is worth roughly $158. In total, should Coca-Cola manage to sell each piece of the collection, it will only earn around $21,500. The charity might be better off if Coca-Cola offered a direct donation.

Coca-Cola is not the only mega corporation to participate in the NFT craze by tying it to Pride Month. Perfume and fashion brand Givenchy Parfums is also launching its own NFT collection for Pride Month, in support of the Paris-based charity Le Mag Jeunes LGBT+

The continued push by corporations for the public to embrace NFTs comes at a bad time as thousands of NFTs are worth only a fraction of their original price with the cryptocurrency crash.