Grocery Magnit debuts with issuance of rare toys in form of NFTs

MOSCOW, Oct 4 (PRIME) -- Magnit has pioneered the Russian retail market with non-fungible tokens (NFTs), the company said on Tuesday in a statement.

“The retailer is entering new digital channels and is launching the company’s first NFT tokens. Magnit is debuting with virtual ‘gold’ toys called ‘skrepysh’ – copies of the rare toys created for the eponymous loyalty campaign,” the company said.

Digital copies of the rare toys are 3D videos, and the unique digital certificates are kept in blockchain, a distributed base of data where records cannot be faked or deleted. Buyers can install a crypto wallet via a Telegram bot with a detailed instruction to keep their rare purchase.

“NFT creation is part of a pool of projects we implement under our expansion strategy in the digital space. We are going to develop the story with tokens and create new interesting NFTs to engage advanced digital audience in our activities,” Lyudmila Podyapolskaya, head of Magnit’s client experience department, said.

End