236. McDonald's to Web3
Jun 23, 2023 ·
20m 3s
This entire podcast is based on a WHAT IF Mcdonalds’ and the likes of Starbucks and Chick Fil could enter the Web3 space with their respective 95 Billion in annual...
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This entire podcast is based on a WHAT IF Mcdonalds’ and the likes of Starbucks and Chick Fil could enter the Web3 space with their respective 95 Billion in annual sales and the Impact it would have on the next generation of technology - in this podcast, I detail a lot of ideas within the podcast so LISTEN TO THE PODCAST first - then dive into just some of my research below.
McDonald's products could be merged into an NFT (Non-Fungible Token) or Phygital (Physical + Digital) format—just a few ideas to start.
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McDonald's products could be merged into an NFT (Non-Fungible Token) or Phygital (Physical + Digital) format—just a few ideas to start.
- NFT Collectible Toys: McDonald's is known for its Happy Meal toys. Instead of physical toys, they could create NFT versions of these toys. Each NFT could be unique, allowing customers to collect and trade them digitally. These NFT collectibles could have additional features, such as virtual interactions or mini-games not to mention the opportunity with AR/VR and the Apple Invasion.
- Limited Edition NFT Menu Items: McDonald's could release limited edition menu items as NFTs. Customers who own these NFTs would have exclusive access to redeem the corresponding menu item in their local McDonald's restaurant. This creates scarcity and adds a digital collectible element to the dining experience.
- Virtual Branded Merchandise: McDonald's could collaborate with artists, celebs or designers to create virtual branded merchandise in NFTs. These could include virtual clothing items, accessories, or even virtual furniture for online avatars or virtual reality platforms. Customers can purchase these NFTs and use them to personalize their digital presence. There are already a plethora of Metaverses that are beginning to launch in these areas, along with the use case of media, music and film that are breaking into new areas, which could easily align with McD!
- Augmented Reality (AR) NFTs: McDonald's could create AR-enabled NFTs that customers can use with their smartphones or AR glasses. These NFTs could unlock interactive and immersive experiences, such as virtual tours of McDonald's history, animated characters, or AR games that overlay McDonald's-themed elements onto the real world. This is an easy integration with ar recent interview I did with Cryptoys! You will get the picture.
- Digital Discount Coupons: McDonald's could offer NFT-based digital discount coupons. Customers who hold these NFTs can access exclusive discounts or promotions when ordering through their mobile app or online platforms. The NFT serves as proof of eligibility and provides a unique and trackable discount mechanism.
- Phygital NFT Packaging: McDonald's could introduce physical packaging with embedded NFTs. Each packaging could have a unique QR code or NFC tag that grants access to a digital reward or experience, such as exclusive content, games, or collectibles. This bridges the physical and digital worlds, offering an interactive and engaging customer experience.
- Virtual McDonald's Restaurants: McDonald's could create virtual restaurants in metaverse platforms or virtual reality environments. Customers can visit these virtual restaurants, order virtual meals, and enjoy immersive dining experiences. They could even earn NFT rewards or unlock special features by engaging with the virtual McDonald's ecosystem. I dive a little deeper with the Star Atlas team in the videos before - enter the rabbit hole!
It's worth noting that these are conceptual examples, and the implementation and feasibility would require careful consideration and collaboration between McDonald's and experienced NFT developers or digital experience agencies.Here is my take of the entry of StarbucksThe Bad But Good Problem To HaveIf McDonald's were to launch a Digital Collectible or NFT campaign that garnered widespread customer demand, it could significantly strain existing blockchain networks' scalability. Here are a few potential challenges and solutions:- Network Congestion: With millions of customers trying to purchase or interact with the NFTs simultaneously, the blockchain network could experience congestion, leading to slow transaction processing and high fees. To mitigate this, McDonald's could explore using blockchain networks with higher transaction throughput or scalability solutions like layer-2 solutions or sidechains.
- Scalability Solutions: Layer-2 solutions, such as state channels or sidechains, can help alleviate congestion by periodically processing transactions off-chain and settling them on the main blockchain. These solutions enable faster and cheaper transactions while benefiting from the underlying blockchain's security and decentralization.
- NFT Token Standards: NFT token standards can also impact scalability. For example, Ethereum's ERC-721 standard, which is widely used for NFTs, may face scalability challenges during periods of high demand. McDonald's could consider alternative blockchain platforms or token standards specifically designed for scalability and can handle large transactions.
- Pre-Minting or Batch Minting: McDonald's could pre-mint many NFTs in advance to meet the anticipated demand. By minting a batch of NFTs beforehand, customers can purchase or claim them more quickly, reducing the load on the blockchain network during the campaign. However, this approach would require careful management to ensure fairness and prevent reselling.
- Load Balancing and Infrastructure: McDonald's could work with blockchain infrastructure providers or deploy their nodes strategically to handle the increased demand. Load balancing techniques and optimized infrastructure can help distribute the network load and improve the overall scalability and responsiveness of the blockchain network.
- Hybrid Solutions: McDonald's could explore hybrid solutions combining blockchain technology's benefits with off-chain systems. This could involve using blockchain for the initial issuance and ownership verification of NFTs while leveraging centralized servers or cloud infrastructure for high-volume interactions, such as trading or displaying NFT metadata.
- Future Blockchain Developments: The blockchain industry is continuously evolving, and new advancements in scalability, such as sharding, stateless chains, or Layer-1 solutions like Ethereum 2.0, may address the scalability concerns in the future. McDonald's could monitor these developments and plan their NFT campaigns accordingly.
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