Article was originally published at CoinCentral.
Blockchain and Bacon: A Match in Hog Heaven?
Oscar Mayer is trading in its weenie whistle for something kids these days actually want.
The Wisconsin-based cold cut behemoth just launched a promotional campaign for its bacon line that features its own cryptocurrency. Bacoin (BACN), as it’s called, is legitimately backed by bacon, giving new meaning to the phrase “legal tender.”
Yep, the promotion’s hype man, Keith Sizzle, boasts in a video advertisement that the the coin “pays out with the gold standard of bacon,” Oscar Mayer brand strips of cholesterol-infused hog meat. As of yesterday, April 30, willing participants can register for the coins on Bacoin’s promotional website. Those fortunate enough to win a fat-backed coin can then redeem it for actual bacon per Bacoin’s market value. At the time of writing, one BACN nets you 14 strips, down from an impressive 42 strips in the wee hours of May 1.
“As the gold standard of bacon for the past 100 years or so, Oscar Mayer is the only leading authority to help lead bacon into the future of tomorrow–by creating a currency today,” the promo’s website reads. “So we’re releasing a limited number of Oscar Mayer Bacoins, all redeemable for packs of real Oscar Mayer Bacon. Even better, you help control the value of each Bacoin! If that sounds pretty tasty to you, start mining today and see if you’re a lucking winner.”
By “mining,” the company merely means registering for the Bacoin giveaway. The initiative also implores users to share the promotion on Twitter to prop up Bacoin’s value, as “the value of the Bacoin is tied to overall sharing meaning that the more people who share via the Website…the higher the value,” the promo’s official rules state. As this loose definition for mining and emphasis on social media awareness suggest, the campaign, which ends on May 14, is solely for promotional purposes as Bacoin retains no real monetary value.
Still, Oscar Mayer isn’t dressing up the initiative to be anything more than it is. Rather than change their name to something blockchain related or launch an ICO, the company has trimmed the fat and is sticking to what it knows: a flashy, borderline-absurd promo that speaks for itself, much like the famous Wienermobile.
First the KFC Bitcoin Bucket and now this, expect more companies to cash in on crypto’s popularity with similar marketing ploys. One thing’s for sure, Oscar Mayer has captured the web’s attention with this bacon-wrapped stunt, and even if no one redeems Bacoin for its greasy prize, the online campaign’s fifteen minutes of fame is a PR success enough.