PepCollect (Pepsico NFT Collectibles)

Inspiration

Technology: NFTs (non-fungible tokens) are cryptographic tokens that exist on the blockchain and can not be duplicated. In practice, NFT could be a digital asset or represent a physical project with intrinsic monetary value. Thus, NFT assets create a bridge between the natural and digital worlds (metaverse), making it a versatile tool for the company to be truly omnipresent by engaging customers offline and online.

Market Demand: According to bitcoin.com, the United States Is Home to 41% of the NFT Companies Worldwide. BlueWeave, a professional services provider, estimates that the market size of NFT was worth USD 4.36 billion in 2021 and is forecast to reach a whopping market size of USD 19.57 billion by 2028 with customers aged 25-35 years old. Such data suggest that NFT is a vibrant market with a huge number of active participants. Thus, by awarding consumers with limited NFT artworks, Pepsico can help connect, engage, activate, and influence consumers more effectively.

What it does

This platform is a place where Pepsico consumers can go to claim their NFT prizes, given by scanning the QR code printed inside a bag or under the cap of a drink. Consumer will need to sign up for an account if they have not done so. Because activities within the application will involve monetary transaction, we recommend to only allow consumers from 20 years old and above to participate.

NFT Tier: Then, consumers with lucky QR code would be able to redeem their NFT prizes that are designed by Pepsico and divided into 3 series: Bronze (Popular), Silver (Medium), and Gold (Rare). Bronze NFT series will have more NFT copies than Silver, then Gold. Consumers would want to purchase more products in order to get higher chance to get Silver or Gold NFTs.

NFT in digital good in virtual platform (Metaverse,Roblox,etc): NFT could be used to exchange digital merchandise and virtual space access. For instance, Pepsi can partner with online game companies such as Roblox or Metaverse virtual platform to create Virtual Chester Cheetah Museum with a fun Cheetah fun 3D snack package containing information about the product. This help interact and create an immersive experience for the customer, especially Gen Z customer

NFT for trading: They can also sell or exchange their NFTs with others using external marketplace like Opensea or Rarible. The price of a NFT would be decided by the market.

NFT for physical goods: Users can choose to exchange their NFTs for physical rewards, divided into three packages, each with a different collection of rewards. The first package contains common rewards like free coupons, discounted snacks, or drinks. The second package includes more valuable rewards like Pepsico Swags, clothes, or apparels. The third package is a chance to win either Pepsico exclusive partnered clothes or discounts for Pepsico sponsor events (concerts, Football matches .etc).

How we built it

We built a mock application platform using Figma that highlights most functionalities we want to demonstrate like scanning the QR code, tracking NFTs collection, and exchanging for rewards.

Challenges we ran into

Non-Technical Challenge The company prompt was quite broad and required an outstanding solution, creating a massive challenge for our team to brainstorm ideas. At first, we spend a great amount of time gathering necessary ideas and narrow down to the possible ones. With hard work and dedication, we were finally able to made a decision and start working on the idea.

Technical Challenge The NFT and Blockchain technologies were quite new to learn and implement within the time constraints of the competition. Thus we spent time building a practical concept and focusing on visualization to ensure the audience’s understanding

Accomplishments that we're proud of

What we struggle most is that although we came up with a lot of solutions and ideas, they all seem to be already done by Pepsico at some time in the past. This shows that we are going on the right track, but we seem to lack the innovative element in our solution. After a whole night of rarely sleeping, we decided to go take a breath and went to Pepsico booth to talk with them about our struggles. They not only encourage us to continue, but also tell us to be more crazy and dreamers about our ideas. This helped us a lot that after going for luch, we actually came up with the idea of NFT and how it can help Pepsico targets their younger consumers who have an interest in the new blockchain technology and future internet. We are really proud that we could go for somewhat outlier and unexpected ideas for others.

What we learned

We learn that teamwork is about listening and constructive feedback. For our team, we understand the crucial aspect of knowing when to drop an ideas and move on to the next one. Additionally, our team learned to prioritize our tasks due to the nature of the competition. Throughout the process, we acknowledge our strength and implement them to our tasks in the most efficient way.

What's next for PepCollect (Pepsico NFT Collectibles)

If allow more time our team would like to focus on the technical aspect of the app to improve user experience and streamline the customer journey as much as possible.

Built With

• figma