Foley & Lardner LLP partners Natasha Allen and Christopher Cain authored the Reuters article, “Grabbing a slice of the pie: NFTs in the food and beverage industry,” exploring how non-fungible tokens (NFTs) are being incorporated by restaurants and food companies in innovative fashions.
The authors provide background on how NFTs work, examples of their engagement in the food and beverage sector, industry-specific use cases, and the legal landscape surrounding the technology.
“There are many ways in which the food and beverage industry can incorporate NFTs into their marketing and loyalty programs, use them to provide a greater level of transparency, and of course, reach a whole new customer base in the metaverse,” the authors conclude. “If the predictions are correct, we will likely see more and more food and beverage companies finding creative ways to utilize NFTs moving forward.”