China’s central bank had announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.
“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning it “seriously endangers the safety of people’s assets”.
McDonald’s China NFT is launched
Although China’s McDonald’s has launched its first ever Non-Fungible Token (NFT) called Big Mac Rubik’s Cube, the Chinese government opposes cryptocurrency trading in the country. During the launch, McDonald’s will mark 31 years of existence on the Chinese mainland as well as the official opening of its new headquarters on the west bank of Shanghai.
Also read: Bitcoin trading volume has 3x higher average in October than Apple, Microsoft & Amazon
McDonald’s China released its Big Mac Rubik’s Cube NFTs on 8th October, and 188 of them will be given away as limited gifts to McDonald’s employees and customers. The NFTs’ design was inspired by the 3D structure of McDonald’s new office building, which was opened on the same day.
McDonald’s China CEO Zhang Jiayin said:
“MCDONALD’S IS A YOUNG AND TRENDY BRAND THAT HAS ALWAYS PAID ATTENTION TO FASHION TRENDS AND CUTTING-EDGE TECHNOLOGY. I AM VERY HAPPY THAT MCDONALD’S HAS BECOME THE FIRST DOMESTIC RESTAURANT BRAND TO RELEASE NFT.“
The NFTs are built on the Conflux public blockchain and were created in collaboration with the digital asset creation firm called Cocafe. According to McDonald’s blog post, each NFT is “unique, indivisible, and cannot be altered.”
It is not the first time a food chain has joined NFTs. Also this year, Burger King introduced its NFT campaign, Keep It Real Meals, and Budweiser and Taco Bell announced the sale of taco-themed images and GIFs on a NFT marketplace, Rare.