Introducing Bacon-Backed CyptocurrencyMay 4, 2018
Oscar Mayer, the American meat manufacturer, is offering Bacoins as a form of online incentive to get people to promote the company’s meat products on email and social media. Bacoin (BACN) is a bacon-backed cryptocurrency. Interested individuals can visit the company’s official website to register and receive a limited number of BACN, which they can then use to redeem actual bacon. One BACN is equal to 27 slices of bacon.
Matt Riezman, Oscar Mayer’s brand manager, said that the company is the gold standard of bacon due to their commitment to hand-picking the finest cuts and naturally hardwood smoking and sugar curing their bacon. He added that with the company’s proven proficiency in the bacon-tech market, BACN will “deliciously revolutionize” the crypto market.
Oscar Mayer is releasing a limited number of BACN, which can all be redeemed for packs of real bacon from the company. Users can help control the value of each BACN. The company is inviting users to start mining today. Individuals only need to register for the BACN giveaway and share the promotion on social media sites like Twitter to increase the cryptocurrency’s value. The value of BACN is linked to overall sharing. The more people who share the promotion, the higher BACN’s value will be. This prompts users to boost the cryptocurrency to increase the amount of physical bacon that they can redeem. The campaign will end on May 14.
What’s noteworthy about Bacoin is that Oscar Mayer released it for promotional reasons only as BACN holds no monetary value. The company did not disguise the campaign to be anything more than it is. Oscar Mayer instead launched a flashy primo that speaks for itself. Just look at the name of the coin and it’s easy to associate it with bacon. With this campaign, Oscar Mayer is the newest food company to join the cryptocurrency branding bandwagon. KFC Canada’s bitcoin-themed campaign in January involved selling a Bitcoin Bucket to hand-picked customers.
Last December 2017, Long Island Iced Tea Corp. also jumped into the cryptocurrency bandwagon by changing its name to Long Island Blockchain Corp. This move increased shares by 289%. Expect more companies to take advantage of cryptocurrency’s popularity and use similar marketing strategies.
Oscar Mayer has definitely captured people’s attention with the company’s latest initiative. Even if no one mines and redeems BACN, the fact can’t be changed that the campaign has successfully improved the company’s exposure and fame.