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Crypto Thanksgiving: Are NFT Dropouts and Black Friday Deals Getting Bigger?

9 min reading

For crypto Thanksgiving it looks like NFT dropouts and Black Friday deals are the highlight.


From the rise of Metaverse to major brands announcing the decline of irreplaceable tokens (NFTs), mass rollouts of cryptocurrencies are underway. Americans in particular are showing increasing interest in cryptocurrencies, as recent results from the Pew Research Center show that nearly a quarter of the 10,371 adults in the United States are familiar with cryptocurrencies, while only one-eighth (13%) are unfamiliar with cryptocurrencies. Draft. Another study by online brokerage firm BrokerChooser found the United States to be the third most interested country in NFTs, behind Canada and Australia.

Given America's curiosity about cryptocurrencies, it's no surprise that the price of Bitcoin (BTC), NFT, and cryptocurrencies in general is a topic likely to be discussed at this year's Thanksgiving table. Holiday-themed NFTs and Black Friday cryptocurrency deals, in particular, may be of interest.

Also read: How to turn crypto into money?

Most exciting mass NFT for Thanksgiving

With that in mind, there might be an interesting conversation about the number of mass brands and retailers starting to add holiday-themed NFTs to their product offerings. For example, Macy's - one of America's largest department stores - launched the "Macy's Parade NFT" series on November 25 or Thanksgiving.

Dave Torres, Macy's vice president of digital marketing, said that Macy's Thanksgiving Parade has reflected the best of pop culture for more than nine decades. Torres explained that Macy's used the company's balloons and floats to create art in the sky and on the ground during the Thanksgiving Parade. With that in mind, Torres mentions that part of the goal of NFT's flagship project is to better understand emerging trends while ensuring that Macy's is ready to take the forefront of the digital branding experience. "As we studied this project, we saw opportunities to balance brand innovation with our charity work for the Make-A-Wish Foundation in ways we could never have imagined," he said.

Macy's NFT is based on the polygon blockchain and is operated by Sweet, an enterprise NFT solutions provider. Tom Mizzone, CEO of Sweet, a consumer-branded NFT platform, said that the Macy's NFT Parade series includes parade balloons from the Macy's 95th Thanksgiving Festival: "Each parade balloon is carefully selected to represent a specific decade from the 1920s to the present day, and each balloon is captured and implanted in a series of 9,510 generative NFTs designed by the highly talented REOMETRY NFT artist."

According to Mizzone, the NFT Macy's Parade series is unique for several reasons. One is that only ten NFTs can be purchased. “These ten are only available via auction which is now running on Sweet and ending in November. 30. The remaining 9,500 NFT will be available for free on Thanksgiving Day, November 25, 2021, on a first-come, first-served basis, it said on the official website.

In addition, Mizzone specified that all proceeds from the ten NFTs available for auction would be donated to the Make-A-Wish Foundation, a US non-profit organization that helps children with critical illnesses. Regarding the 9,500 free NFTs Macy sells, Mizzone says Macy's goes beyond traditional donation methods and provides examples of using NFT technology and smart contracts to implement sustainable donation initiatives: "Every time a Macy's Parade NFT owner decides to sell their NFT in a compatible aftermarket, 10% of the sale price will be donated to Make-A-Wish. Basically, you'll have 9,500 NFT owners when it's all said and done, and unlocking the future for donations, in this case, Make A-Wish.As more retailers recognize the opportunities that NFT offers, Macy's is setting a precedent for what can be done in the return space.

In addition to Macy's NFT collection, American entrepreneur and television personality Martha Stewart posts the irreplaceable Thanksgiving symbol on her website MarthaFRESHMint. Following the fall of the Halloween-inspired NFT collection, the Thanksgiving themed collection will be Stewart's second NFT release this year, and will feature audio recordings of Stuart Thanksgiving memories. Stewart's licensed collection of Thanksgiving stories was developed in partnership with Tokns Commerce, a provider of NFT solutions for iconic brands and creators. Jamie Tedford, CEO of Tokns, NFT's business solutions, said that the collection includes more than 100 NFT collections that showcase a new look at iconic photos from Martha Stewart Living magazine: With our presentation, Martha came up with a new category that we call "NFT Storytelling." Gratitude - Burnt Turkey and whatnot.

According to Tedford, Stewart believes storytelling has become a lost art that has become a particular challenge in recent years from social distancing. “We set out to create NFT as an environment to reintroduce storytelling and relive the little-known story of Martha's first day of gratitude in her new home. Their iconic vocal track and accompanying original music set a new standard for creating rare and beautiful NFTs,” added Tedford.

Black Friday deals and how to spend cryptocurrency this holiday

While NFT Macy and Martha Stewart highlighted the growth of cryptocurrencies for Turkey Day, major retailers, retailers and brands also started supporting cryptocurrency payments well before the holidays.

For example, on November 23, Regal, a film operator in more than 500 locations and 7,000 screens in 42 states, announced a partnership with digital payment network Flexa to allow customers to purchase movie tickets in cryptocurrency drinks. It has been determined that Regal will accept a wide range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Doge (DOGE), USD Coin (USDC), DAI (DAI), Gemini Dollar (GUSD), Chainlink (LINK). ), Cosmos (ATOM), Basic Attention Token (BAT) and others.

Trevor Filter, co-founder of payment platform Flexa, said that the growing demand for digital currency payment options combined with the fact that Regal is approaching its busiest time of year makes this announcement particularly timely: "We are excited to launch this partnership ahead of the holidays and look forward to providing Regal customers and retailers with a simple, reliable and secure payment option in digital currency."

In addition to Regal, Bitcoin payment provider BitPay has teamed up with a number of its providers to offer Black Friday deals to cryptocurrency users. Merrick Theobald, vice president of marketing at BitPay, said that Ace Jewelers, Newegg, precious metals dealer APMEX and many others will offer consumers discounts or prices at no additional cost. “Consumers have to pay with cryptocurrency or BitPay cards to enjoy these transactions,” said Theobald. The Lolli Bitcoin Rewards app also offers users double the price of Bitcoin for purchases on Black Friday. Lolli offers buyers Bitcoin returns on purchases made at stores such as Sephora, Groupon, Macy's, Nike, and other major retailers. Alex Adelman, CEO and co-founder of Lolli, said that BTC's average payout rate will double to 14% during Black Friday.

Also read: Prevent adoption? The balance between security and innovation in crypto

How do NFT users and crypto transactions react?

While NFTs for Thanksgiving and crypto payments appear to be more popular than ever this holiday season, it remains questionable whether consumers want to spend their digital currency on shopping or collect holiday-only NFTs from mass brands. For example, Theobald notes that consumers are likely to spend cryptocurrency this Christmas time, but perhaps no more than in previous years:

“Black Friday started in early November this year for many retailers, so it may not be easy to determine if Black Friday costs will go up specifically. However, I think the rising price of cryptocurrencies will make people spend more on luxury goods. Theobald added that while BitPay views Bitcoin as the most widely used cryptocurrency for payments, other coins such as Dogecoin and Litecoin, along with stable coins, are gaining popularity among consumers and merchants alike. “The ticket value for stablecoins is actually higher than conventional cryptocurrencies. This could be because merchants want to accept cryptocurrency payments, so they ask customers to buy with stablecoins for all the benefits of blockchain payments," he said.

When it comes to holiday-themed NFTs, some concerns remain, such as the environmental impact and ease of use, especially for those less familiar with acquiring irreplaceable tokens. Facing this challenge, Tedford stated that Tokns aims to make NFT more accessible by eliminating dependence on crypto wallets. “So, we decided to build our platform on top of Shopify and use Shopify Payments to enable credit card transactions and Coinbase Commerce to welcome crypto transactions” and transfer them to their crypto wallet. “Tedford said that over 90% of MarthaFRESHMint's transactions were made by credit card, with the majority of purchases made by first-time NFT buyers.

Regarding the impact of NFT on the environment, Mizzone noted that Sweet uses the Polygon blockchain for a number of reasons, including that Polygon is a Proof-of-Bet (PoS) blockchain. Therefore, Mizzone found that landfill energy consumption was several orders of magnitude lower than in other cycles. “If our goal is to remove barriers – and rightly so – then the potential removal of those environmental barriers is enormous. Given the maturity and importance of the NFT space for the brand, Torres added that Macy's was too focused on launching its flagship NFT, noting that "this may not be Macy's latest foray into NFT."

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