Just what are NFTs, and what does this mean for the produce industry?
They are non-fungible tokens, which are digital collectables. They are unique, like a piece of art or a signed baseball card, and they can be bought and sold or simply displayed.
They are relevant to the produce industry because they use blockchain technology to ensure their authenticity and security.
ProduceIQ co-founder/CEO Mark Campbell says many produce companies use blockchain now, and many more will in the future.
“Blockchain will be a big part of food safety and traceability in the future and with buying programs,” he said.
“The technology is relevant because blockchain changes the way we will do business in the future.”
Campbell said these NFTs are a fun way to raise money for a charity and help educate people in the industry about this digital technology.
“NFTs, cryptocurrencies, and smart contracts use a similar language, and this is a way to get an education myself and for the industry to learn more about them,” he said.
The NFTs in this program are created from art done by ProduceIQ graphic designer Yuliia Russu. It contains 350 unique Farm Legends NFTs using 15 produce characters, many of which have been seen in the weekly market reports that ProduceIQ runs on producebluebook.com.
They have varying levels of rarity, and thus are priced accordingly.
ProduceIQ ran a trivia contest at last week’s Organic Produce Summit, where the winner will receive one of the NFTs as a gift. Campbell said Cecilia Flores Paez with T&G Global was the winner.
Campbell said he plans to buy some to keep and some to give as gifts.
“It’s a neat asset because of its permanence and as a conversation piece,” he said. “It pushes the receiver to open a digital wallet and learn about it and might spark their interest.”
Those interested can see the NFTs that are available on ProduceIQ’s website, and it includes a Frequently Asked Questions section for those who want to know more.