Oscar Mayer has released a statement and promotional video launching its very own cryptocurrency called Bacoin.
The meat and cold cut production company says that it is giving away a limited amount of Bacoin, which fans can mine, track the value of, and cash out for real packs of bacon at OscarMayerBacoin.com.
“Oscar Mayer is the gold standard of bacon because of our dedication to hand-selecting the best cuts and then naturally sugar curing and naturally hardwood smoking our bacon,” said Matt Riezman, brand manager for Oscar Mayer.
“Add to that our proven expertise in the bacon-tech space, Bacoin is poised to deliciously revolutionise the cryptocurrency market.”
Serious cryptocurrency investors are undoubtedly rolling their eyes at what is a light-hearted, if somewhat over the top publicity stunt.
After all, Oscar Mayer has been responsible for digital marketing campaigns such as Sizzl, a dating app for bacon lovers, and a bacon-scented alarm clock called ‘Wake Up and Smell the Bacon’.
The sizzling story behind Bacoin
Launched on 30th April (not April Fools’ Day), Bacoin is the brainchild of Keith Sizzle – a ‘Bacoin Architect/Digital Prophet’ according to Oscar Mayer’s video advertisement.
The idea came to Sizzle over breakfast after he realised Oscar Mayer’s bacon was the gold standard of bacon, which could be monetised in the form of cryptocurrency.
“If you are going to build a cryptocurrency out of bacon, make it the best bacon,” Sizzle said.
He then invites viewers to register at OscarMayerBacoin.com for a chance to receive Bacoins, which you can either exchange for actual packs of bacon or play the market with.
Sizzle also reveals that by sharing your Bacoin acquisition on social media, the price of the cryptocurrency will rise.
A pricey pork product
As of 7pm on 1st May 2018, one Bacoin was equal to 12 slices of Oscar Mayer bacon. At one point, it reached the heady heights of 42 slices of bacon.
The rules and regulations reveal that it works like a sweepstake:
“The value of the Bacoin is tied to overall sharing meaning that the more people who share via the Website, the higher the value of the Bacoin. If overall sharing is slow, the value of the Bacoin will decrease. If sharing is slow and the value of the Bacoin is low, Sponsor may increase value of Bacoin in its sole discretion. The current value of the Bacoin will be displayed on the Website. Once the Bacoin is at a value you want, follow the instructions to “cash out” and you will receive a coupon with the corresponding value.”
Don’t make any rash decisions yet
Several in the crypto community will dismiss Bacoin as another attempt at jumping on the bandwagon for a ‘slice’ of publicity. However, it isn’t a stretch to suggest that Bacoin could attract significant interest.
Most investors are aware that Dogecoin was initially introduced as a ‘joke currency’ before reaching a market capitalisation of US$60 million a month after it was launched.
The introduction of the KFC Bitcoin Bucket earlier this year proves that the worlds of indulgent food and cryptocurrency can potentially live in perfect harmony too.