The Coca-Cola Company is the world’s largest beverage company by revenue ($34 billion) and net profit ($9 billion) with a market capitalization of close to $220 billion. It is one of the world’s largest brands, with an annual advertising spend of $4 billion. The company mainly produces syrups and concentrates for its products, which are then sold to bottlers holding a Coca-Cola franchise license for final production and sale. The company consists of more than 500 brands in over 200 countries and often acquires large stakes in competitors or brands that are already successful in their target markets (e.g. Inca Kola in Peru and Monster Beverage Corp.). The company is also well-known as the world’s worst plastic polluter for the last four years running.
● Coca-Cola Co. achieved its success with an aggressive mass media marketing strategy that has been amongst the most prolific in marketing history and known for being meticulously detailed. It has been exceptionally successful at impacting culture and society.
● Coca-Cola is the most successful beverage worldwide, with most people simply using the word “coke” to describe any comparable soft drink(s), including from other brands.
● The iconic branding has been co-opted by artists throughout its history, further cementing its place in pop culture.
● Focusing its marketing mainly to promote the brand as a lifestyle rather than a product, the brand identity has been constantly moulded to the shifting social and cultural values of consumers
● The need to retain market share in the fiercely competitive beverage landscape; grow existing revenue streams; create/discover new revenue streams while improving on its corporate social responsibility.
● Integrate new mediums such as the metaverse and web3 to maintain the strength of its lifestyle brand, while also enabling new direct-to-community/customer (D2C) opportunities
● Competitor PepsiCo announced its first digital NFT collectibles “Pepsi Mic Drop” in December 2021 and its first metaverse “Pepsi Live House” activation in July 2022. The immersive metaverse music experience allowed users to co-create a theme song, and also introduced a virtual pop group SHANE FU with digital idols based on four classic drinks of the brand, performing the theme song “Pepsi Cypher”. Users could perform virtually on stage with the band. The metaverse included digital cultural elements, such as a looks customizer. Competitions in-metaverse were awarded with both digital and physical prizes. PepsiCo announced plans to further develop their 3D interactive space In August 2022 using the four virtual idols as representatives.
● Competitor Nestle with its portfolio of food and beverage brands announced its first digital NFT collectibles “Trix Globe” in April 2022 and its first metaverse activation “Nestle MUNCH” in June 2022. The NFTs were part of a campaign to introduce the Trixline of cereals to the Middle East. The metaverse experience allowed users to meet and greet cricket stars and the ability to click pics with the cricketers. Users could also explore a 3D cricket ground, and play games to win digital and physical prizes.
Coca-Cola first NFT collection for International Friendship Day and The Special Olympics International.
Coca-Cola hosts a metaverse party where the designs for the Friendship Box NFTs are revealed.
The live experience includes guests performing music as part of a ‘can-top’ party with a giant Coca-Cola can, with giveaways of metaverse-wearable Coke digital t-shirts for attendees.
The NFTs were designed by a team of ten 3D, motion graphics, animation and effects artists from all over the world. Each 1-1 NFT design reimagined the iconic branding and storied heritage for the metaverse and digital age.
“Fans of the Coca-Cola brand expect the same iconic and optimistic experiences they’re used to in-real-life in the digital world. Magic happens when communities and partners can make the brand their own … we loved seeing NFT and metaverse artists take the iconicity of the brand and put a fresh, modern twist on it.”
(Oana Vlad, Global Senior Brand Director, Coca-Cola Trademark)
Promo video:
“Tapping into culture in real time requires moving with speed and agility, and often taking an iterative, test-and-learn approach like we’re doing here. This has been a hyper-collaborative project that demonstrates the power of working together quickly as a networked team.”
(Oana Vlad, Global Senior Brand Director, Coca-Cola Trademark)
The four unique NFTs were then auctioned off as a single ‘loot-box’ (inspired by the gaming world). The winning bidder offered 217 ETH ($575,000 at the time) and received a real-life fully-stocked Coca-Cola branded custom refrigerator as well as the loot-box NFTs. Revenue from the sale went to the Special Olympics charity.
“Coca-Cola is one of the most collectible brands in the world, and it has shared its rich heritage with consumers through simple moments of joy for decades. We are excited to share our first NFTs with the metaverse, where new friendships are being forged in new ways in new worlds, and to support our longstanding friend and partner, Special Olympics International. Each NFT was created to celebrate elements that are core to the Coca-Cola brand, reinterpreted for a virtual world in new and exciting ways.”
(Selman Careaga, President of Global Coca-Cola Trademark)
“These activations added credibility and authenticity to the experience. They helped create a strong buzz both in the crypto community and with business, lifestyle and tech media, and also helped bring new, young audiences to our Coke Trademark social media channels.” ;
(Oana Vlad, Global Senior Brand Director, Coca-Cola Trademark)
“The metaverse—which is borderless and ‘geo-less’—creates opportunities to connect with others like never before. We didn’t want to do this just to make an NFT. We wanted to inject the core principles of Coca-Cola and celebrate both our heritage and ties to friendship, while also doing something that hasn’t been done before. It was important to stay true to the brand by bringing people together through unique, surprise-and-delight moments of connection that feel right for Coke. And because NFTs are inherently built to be permanent and not transitory, we intentionally developed dynamic, ‘living’ NFTs that can be enjoyed again and again over time—just like Coca-Cola … It really gave us an opportunity to explore the robust space the digital space gives you. This really cool convergence of form and function and aesthetic. So the ability to do things in motion and have artwork come alive or be able to reimagine our assets in new and unique ways to create these multi-sensorial kind of opportunities.”
(Joshua Schwarber, Senior Director of Global Digital Design at Coca-Cola)
Celebrating the fact that Coca-Cola was the first soft drink consumed in outer space in 1985, the company released a limited edition flavour while using the opportunity to offer more “other-worldly digital experiences” on the VeVe platform and mobile app.
The NFTs for the collection were $40 each and available as ‘blind-boxes’. Collectors discovered which collectible they received out of four different designs after purchase only.
Scanning a QR code on the can or bottle presents an AR music concert from brand ambassador Ava Max and immersive audio ASMR experiences.
4000 animated NFTs are offered as a free mint in celebration of International Burger Day and “Real Magic” is trademarked for their web3 community.
“In the spirit of Real Magic™ and sharing, we wanted to give something back to the world, for free, for International Burger Day. And what goes better with a burger than a Coke?
(Coca-Cola)
Real Magic is not just a celebration of our brand values, but also a celebration of Coca-Cola’s connection to culture, especially in gaming, in music and in sports”
(Oana Vlad, Global Senior Brand Director, Coca-Cola Trademark)
Coca-Cola partnered with award-winning fashion designer and LGBTQIA+ advocate Rick Mnisi to celebrate Pride Month with a collection of 136 digital NFT collectibles in a nod to the 136 year history of the brand.
Each design incorporates the iconic Coke glass bottle reimagined through a colourful kaleidoscope promote the visibility of the LGBTQIA+ colors for Pride.
Each NFT was available for an initial price of 335 $MATIC ($150) each. First sale revenue (~$20,000) benefitted and resale revenues benefit LGBTQI+ charities with the first recipient South Africa’s OUTLGBT Well-Being organisation.
“The Coca-Cola Company is committed to championing diversity, equity and inclusion through its workplace culture, community partnerships, charitable giving, and policy advocacy. Artworks are inspired by an enduring idea: that energy cannot be destroyed. It can only be transferred, changed in form, locked up or released” (Coca-Cola press release)
“We recognize that many of our fans nowadays are engaging in the metaverse, where shared experiences are enjoyed in new ways and in new worlds. We are always exploring new ways to connect with our fans in both the virtual and physical worlds and have more exciting digital collectible initiatives in the pipeline.” (Pratik Thakar, Head of Global Creative Strategy)
Demonstrating the power of Web3 loyalty programs, Coca-Cola airdrops free NFTs to anyone who either purchased or holds a Coca-Cola NFT, as a thank you for joining the brand’s metaverse and Web3journey.
“International Friendship Day - which launched our metaverse journey in 2021—is the perfect milestone opportunity to thank and celebrate the people who have joined us. We hope to strengthen and expand our ‘Real Magic’ community by building connections through a variety of physical and virtual Coca-Cola experiences. The move also underlines the planned expansion of plans to further explore phygital experiences with their Real Magic community. The promise of additional benefits to NFT holders, including gaming events, early access to new products amongst other rewards and perks signals a commitment to growing and strengthening the relationship with their Real Magic Web3 community. We will continue to learn in this fast-moving space through limited-edition collectible launches tied to key cultural moments with a focus on building our virtual ecosystem by surprising and delighting fans.” (Pratik Thakar, Head of Global Creative Strategy)
Dreamworld flavour is released with a collection of matching virtual apparel. Fans can scan a QR code on the can or bottle to access a 3D AR-enabled metaverse experience that is part of Coca-Cola’s “Dreamland” metaverse initiative. Users can play games to win prizes and share images of their new looks on social media.
The experience is heavily music-focused and is in collaboration with the Tomorrowland music festival with an avatar DJ playing dreamlike music. The virtual environment is influenced by the beat of the music.
Dreamworld is “a gateway into a lively, animated world where dreamlike experiences meet the real world. Tapping into the power of the subconscious and the collective passion for exploring our dreams, this new Coca-Cola Creations fantasy flavor invites fans to discover the magic inordinary moments and dream with their eyes wide open.” (Coca-Cola)
“Now that the digital economy is forming, designers and creatives must participate in setting up these new rules, so the interests of everyone involved are acknowledged. Creatives from fashion and tech must participate informing this new market. Why wait when the rules of this new space are set?” (Bjorn Declecrk, Tomorrowland Partnerships Director)
Link to Coca-Cola Creations metaverse activations
● July 2021, Coca-Cola Co. announces its first-ever digital NFT collectibles for International Friendship Day
● April 2022, NFT collection is announced based on the limited edition “Starlight” flavour
● April 2022, Sugar Byte Island metaverse experience created in Fortnite to accompany release of the Zero Sugar Byte flavour
● May 2022, an NFT collection for International Burger Day is launched with the “Real Magic” trademark
● June 2022, an NFT collection released celebrating Pride Month, continuing the “Real Magic” community trademark
● July 2022, surprise free airdrop of NFTs to existing Coca-Cola NFT holders on the anniversary of their first NFT launch
● August-October 2022, Coca-Cola “Dreamworld” flavour is released with matching metaverse-wear collection and 3Dexperience
● Planned for October 2022, Halloween metaverse/web3 activation
● Planned for November 2022, International Singles Day metaverse/web3 activation
● CEO James Quincey claims +30% revenue per product launch from their recent strategies
