Kaufland, a popular German hypermarket chain part of the Schwarz Gruppe, which also owns Lidl, has unveiled a non-fungible token (NFT) campaign that bridges digital and physical assets.
This initiative is a response to worrisome market conditions and concerning statistics related to NFTs. According to a recent report from dappGambl, which analyzed data from NFT Scan and CoinMarketCap, nearly 95% of NFT collections, totaling 69,795 out of 73,257, are valued at 0 Ether, rendering them worthless investments for their holders.
In light of this data, Kaufland has introduced its “NFT Refresh” program. This initiative allows individuals who hold NFTs with no current value to transfer them to Kaufland in exchange for a 10€ (approximately $11) shopping voucher.
Consumers can exchange NFTs that were created prior to the campaign’s start and are older than one month. To participate, they need to register on a dedicated website named “Fresh4Trash” and link their MetaMask wallet.
Kaufland will then review the submitted NFTs within three business days, and, if approved, will send the shopping vouchers via mail. These vouchers can then be used to purchase fruit and vegetable products at Kaufland stores.
Christoph Schneider, the managing director of marketing at Kaufland, emphasized, “The vast majority of NFTs on the blockchain hold no value today,” highlighting the campaign’s aim to encourage the exchange of “the fresh” for “the rotten.”
The program’s website already showcases a selection of NFTs — presumably already exchanged by consumers — in a section called the “Wall of Lame.”
The NFT exchange program will be active until October 30, after which no further submissions will be accepted.
While Kaufland’s move reflects a stance against NFT art, other hypermarket chains have faithfully embraced the trend. In July, 7-Eleven marked its 96th anniversary by launching an exclusive NFT giveaway, and last month, Walmart expanded its presence in the metaverse by enabling in-game purchases of real-world items and enhancing its virtual fashion offerings.