Non-fungible tokens (NFTs) have disrupted the art, collectible, sports, and gaming industries over the past twelve months. While blockchain technology has been used for some time to track agricultural products, there has not yet been a serious effort to tokenize the food industry. Now, however, a third-generation utility NFT (uNFT) project is about to change that. It’s coming soon to grocery aisles and fast-food counters, and it’s based on one of the most beloved and iconic foods of them all: the humble pickle.
Universal Pickle is the brainchild of a unique community of technologists and corporate professionals. By integrating blockchain into the food industry, Universal Pickle will be both a virtual brand and a real-life product. The idea is to tokenize the world’s largest and most important industry, and in the process make blockchain technology accessible to everyone, everywhere, all the time.
The app isn’t just pickles, though there is plenty of green involved. Buyers of the pickle token will receive exclusive discounts and offers at food-oriented businesses, from restaurants to grocery store chains, and even hotels. Rather than a collectible or investment, Universal Pickle tokens represent the marriage of digital technology with our everyday lives. Its creators hope to unleash value, disrupt the world’s largest industry, and have fun at the same time.
“The goal which defines the Universal Pickle is to minimize the gap between crypto and the real world,” the project’s team declares. “We want to create a system where we help people regardless of borders.”
The project was guided by the entire community via the blockchain and will follow a hyper-deflationary model, meaning that two percent of transaction fees will be reserved in order to buy back tokens that will be burned and permanently removed from the float. This creates scarcity that will drive up the value for early adopters and others moving forward. In other words, supply will remain limited even as demand increases; demand that will, itself, be driven by the token’s money-saving utility.
But those discounts aren’t the only incentive for members to hold onto their tokens, rather than “flip” them for a quick buck, as has been the case with art and collectible NFTs. On top of the pickle tokens reserved for burning, four percent of the project’s transaction fees will enter a separate rewards pool. One of the first rewards will be a Tesla. Other rewards will include whitelisted $UPL and $BPL wallets, and, of course, jars of real pickles. All rewards will funnel through Metapickle NFT, which is part of the Sandbox metaverse.
Additionally, the project has been designed to disincentive hoarding and spread the rewards around the community as much as possible. Encoded in Universal Pickle’s “tokenomics” is a stipulation that any transaction for three percent or more of the total uNFT supply will be rejected, nor will a single wallet be allowed to hold more than that percentage of the project’s tokens. This not only ensures the “democratization” of Universal Pickle’s uNFTs; it discourages scams like pumps-and-dumps and rug pulls, which have plagued the NFT industry of late.
Finally, Universal Pickle is developing “play-to-earn” games that will operate on smart contracts embedded in its uNFTs. These contracts are encoded blockchain programs that automatically execute agreements once predetermined conditions are met. Players will receive ownership of digital assets within the games, and may sell these digital assets on public blockchain exchanges.
In other words, investors can finally have their pickle and eat it too.