Oscar Mayer, the Chicago-based meat and cold cuts supplier owned by food giant Kraft Heinz, is releasing a limited number of tokens called Bacoins. The move is part of a marketing campaign that aims to benefit from the popularity of cryptocurrencies and is betting on the close spelling of Bacoin and Bitcoin, the latter being by far the most ‘googled’ crypto term.
Like any other token, Oscar Mayer’s cryptocurrency has a ticker (BACN) and a fluctuating value based on the supply/demand principle, especially on social media. However, Bacoin is not traded against fiat money or other cryptocurrencies but meant to be exchanged for slices of Oscar Mayer bacon. At the time of writing, the price for one Bacoin is nine slices of bacon. Interestingly, the token is more volatile than one could expect – it started at 14 slices, peaked at 24 slices, and then fell to a low of three slices within less than 24 hours, according to the chart displayed on the promo page.
Oscar Mayer’s brand manager Matt Riezman said in a statement:
“Oscar Mayer is the gold standard of bacon because of our dedication to hand-selecting the best cuts and then naturally sugar curing and naturally hardwood smoking our bacon. Add to that our proven expertise in the bacon-tech space, Bacoin is poised to deliciously revolutionize the cryptocurrency market.”
The rate of Bacoin can apparently be boosted by sharing via social media channels. The more shares, the higher the value of Bacoin. Moreover, to make things authentic, bacon lovers can mine the cryptocurrency and see if they are the lucky winners.
The promotion will be available until May 14, 2018. If users register for Bacoin but are not winners on that particular day, they are redirected to a page that says: “Bummer! No luck on the yield today. Try again tomorrow.”
To support the marketing campaign, Oscar Mayer came up with a funny video:
Ironically, Kraft Heinz is controlled by an investor group that has Berkshire Hathaway’s Warren Buffett in the lead. The billionaire said recently that cryptocurrencies would come to a bad end.
This article appeared first on Cryptovest
