October 10, 2022 | 4 min read
The brand announced on Twitter last week it was ‘dropping an NFT.’ Turns out it was talking about french toast.
The International House of Pancakes (IHOP) is getting in on the NFT craze without actually launching an NFT.
In the same way that a public speaker might find a way to mention sex in order to capture a bored audience’s attention, the restaurant chain announced this morning that it had “dropped its first NFT” — only to clarify that it was referring to its “New French Toast,” rather than a non-fungible token.
The brand teased an NFT drop on its Twitter account last week, generating some praise from web3 enthusiasts. One person commented: “kudos to IHOP for having the courage to be on the leading edge and innovating for the future.”
Have you guys heard of NFTs? Well before anyone else jumps on the bandwagon, we’re dropping our own! Check out the countdown at https://t.co/z5SMwhoYGG. pic.twitter.com/LXvxFgTzPJ
— IHOP (@IHOP) October 6, 2022
That person is probably feeling disappointed with IHOP today.
The made-you-look marketing ploy is understandable, considering the hype that’s recently been generated around NFTs. Even after the onset of the “crypto winter” beginning back in May, many brands with household names — from the PGA Tour to Starbucks have been launching their own virtual tokens. Every brand has its own reasons for getting in on NFTs, but generally speaking they’re being leveraged to boost sales, drive customer engagement, foster brand loyalty, and give brands an air of tech-savviness.
IHOP said that customers can purchase its “NFT” — Thick ‘N Fluffy French Toast — with 10 PanCoins, digital coins that the brand launched back in March as part of a broader digital loyalty program called the “International Bank of Pancakes.”
For more, sign up for The Drum’s Inside the Metaverse weekly newsletter here.
© Carnyx Group Ltd 2022 | The Drum is a Registered Trademark and property of Carnyx Group Limited. All rights reserved.