Altcoins

Top-Notch Fast Food Chain, McDonald’s, Takes Up to Metaverse

It’s been quite a busy start for the year for the NFT marketplace and for the Metaverse with the increasing number of companies and organizations joining the space. After Facebook rebranded itself into Meta in early November, predictions were however made that the metaverse market could reach $8 trillion with high hurdles to adoption. Recently, news had hit the wires of Warner Music Group going Metaverse with a Sandbox (SAND) theme park. Last month, retail titan Walmart also filed several metaverse-related trademark applications, intending to offer a selection of virtual goods. 

Nike and Adidas, major sportswear companies, have also jumped on one of the hottest trends in tech. Clothing and accessories retailer Gap has also launched its own NFT collection. Meanwhile, entertainment behemoth Disney is hiring an NFT expert.  In Lieu of these emerging trends, regulatory scrutiny is unlikely to abate any time soon, mainstream companies will likely continue to enter the Metaverse. Unlike the adoption of blockchain technology and digital assets, firms appear to be more actively exploring the Metaverse and NFTs.

What’s in the Offering

Overnight, news hit the wires of U.S fast-food chain McDonald’s partnering with Humberto Leon to roll out a Zodiac collection within the Metaverse. The collaboration is in recognition of the Lunar New Year and the Year of the Tiger. The world’s largest restaurant chain has filed ten applications to offer virtual goods with home deliveries and beverage products in the form of downloadable media files that will contain non-fungible tokens (NFTs). Fans can also relax in the McDonald’s lounge. The lounge features a lantern display and fans can light their own lanterns to release into the sky. 

Winning Hearts Again

As reported by U.Today, Prior to this time, Elon Musk, the world’s richest person, recently nudged the fast-food behemoth to accept meme cryptocurrency Dogecoin, promising to eat a McDonald’s Happy Meal on television. The fast-food chain laughed the offer off, by asking Tesla to add support for fake cryptocurrency. 

McDonald’s also started trolling the cryptocurrency community in the wake of the crypto crash that took place in January. Now, they are a part of it and it’s a smart move made by the multi-billion dollar company to win the hearts of its consumers, showing how committed they are to go along with the new strides.

The Roadmap

Josh Gerben, a trademark lawyer whose firm tracks new trademark filings on a daily basis, first made note of the requests on Twitter, pointing out 10 applications filed by McDonald’s. It’s good to note that the request made by McDonald’s often takes the U.S. Patent and Trademark Office eight to nine months to review, according to Gerben, though he says Mcdonald’s should have no troubles getting the trademarks approved.

 While the Metaverse is not the only virtual world in which these trademarks can be used, Meta appears to be leaning more heavily into its vision of a virtual world than any other major technology company and it is seeing results. According to Meta’s fourth-quarter earnings report, the company pulled in more $800 million in revenue from “Reality Labs,” its division that includes its augmented and virtual reality-related consumer hardware like the Oculus, the company’s widely popular VR headset used to access the metaverse.

Why Does Elon Musk Support Dogecoin?

Controversial billionaire and CEO of Tesla, Elon Musk, has caused Dogecoin’s price to surge following a recent tweet. Musk urged fast-food giant McDonald’s to accept Doge as a payment method. In return, the billionaire promised to eat a kids’ meal on live television. 

Musk tweeted, “I will eat a happy meal on tv if @McDonalds accepts Dogecoin.” His tweet immediately affected the meme coin as it surged a whopping 8%  to $0.1445, based on data from CoinMarketCap. Dogecoin is valued as the 10th most valuable cryptocurrency and is worth about $18 billion. However, recent weeks have not been so green for it, but thanks to Musk, it’s witnessing a resurrection.

Musk’s tweet was inspired by a tweet from McDonald’s, which was a pointer to their interest in the crypto space.  The fast-food giant wrote on its Twitter, how are you doing people who run crypto Twitter accounts.” The tweet came amidst a Monday sharp sell-off in the crypto market. 

During instances of downward volatility, the crypto community routinely jokes about flipping burgers at McDonald’s. As bitcoin fell below $40,000 over the weekend, El Salvador’s president, Nayib Bukele, tweeted a photoshopped image of himself in a McDonald’s uniform. All this spiked the fast-food restaurant’s interest in crypto.

Hoskinson and McDonald’s

The recent tweets captured the attention of 

Cardano founder Charles Hoskinson. Hoskinson said he was happy about McDonald’s tweet.  As a result, the official Twitter account of McDonald’s followed Charles Hoskinson. A relationship seems to be brewing. 

Why Doge?

The question on everyone’s lips is why has Musk chosen to share his affection with Dogecoin more than other cryptocurrencies. This would not be the first time the Tesla frontman has advocated a wider adoption for Doge. 

Musk isn’t just asking for Doge to be used as a means of payment; his car company Tesla accepts dogecoin as a form of payment for some of its products. Also, it temporarily accepted bitcoin as payment for some products last year, but Musk’s bias lies with Dogecoin.

Some time ago, the billionaire issued a call for developers to post ideas for dogecoin upgrades and improvements on Reddit and GitHub. Musk has consistently chosen the meme-based cryptocurrency as his favored digital asset in recent years, having eagerly accepted the honorary title of dogecoin CEO following a 2019 Twitter poll.

Several fans and crypto users quizzed the billionaire on why he supports Dogecoin; Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

Despite his advocacy for Dogecoin, Musk maintains that true financial value is obtained from delivering services to humans.