The NFT market has surely been volatile during the first half of 2022. While this is probably not surprising considering the current rate of inflation and other economic issues, most data suggests that NFTs are definitely here to stay. In fact, a recent financial article reported that, “Despite poor price performance, NFTs have continued their march towards the mainstream as creators capitalize on new use cases.” One such relatively “new use” is Wawa Inc.’s (“Wawa’s”) NFT Sweepstakes Game Promotion.
What is Unique about Wawa’s NFT Game Promotion?
Wawa recently created its Hoagiefest NFT Sweepstakes Game, marketing its unique digital artwork collectables as part of a sweepstakes promotion. According to the company’s press release, this NFT game gives consumers an opportunity to win “collectible assets,” which are based on actual objects, such as music, art, and videos. Specifically, Wawa has announced that their NFT sweepstakes game will be historic, as they place “iconic” Hoagiefest graphics and Wawa products into the virtual world for the first time in history. Wawa has created more than 5,000 unique collectible Hoagiefest NFTs, as well as 5,000 generative NFTs.
How Can Consumers Participate in the NFT Game Promotion?
All key aspects of a given sweepstakes promotion, whether involving NFTs or not, must be disclosed ahead of time to prospective entrants. The all-important contest rules, should include provisions addressing the duration of the contest, prize amounts, and number of prizes, among other things. And, like any NFT sweepstakes game promotion, the Wawa sweepstakes must adhere to applicable regulations for consumers to enter the sweepstakes. As reported, participants may enter the contest during a specified two-week period by going to the “giveaway” page on the Wawa site and entering their contact information. Wawa has listed the number and category of prize winners that will be selected, as well as what each winner will receive.
The Benefits of a Successful NFT Sweepstakes Game Promotion
It is commonly understood that sweepstakes and promotional games are a dynamic and cost-effective way to develop a database of engaged consumers and otherwise increase brand awareness. It seems to be a natural next step to run such contests with NFTs as prizes. However, remember that each space comes with specialized rules and legal requirements that must be followed to avoid regulatory liability and penalties.
If you are interested in learning more about this topic or require assistance in connection with putting together an NFT game promotion, please e-mail us at info@kleinmoynihan.com, or call us at (212) 246-0900.
The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney.
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