IHOP recently announced it was dropping an NFT on Twitter last week. Today, the brand revealed that it wasn’t dropping a non-fungible token but rather the company’s New French Toast. While the move was initially hailed by many in the crypto community, the company has clarified that it is not involved in the business of non-fungible tokens despite the marketing campaign based around NFTs.
IHOP Teases NFT Drop
Pancake House restaurant chain IHOP teased the crypto community with the announcement of an NFT drop. However, this drop is entirely unrelated to non-fungible tokens (NFTs) that we know but rather refers to the company’s New French Toast.
“While the NFT is not a non-fungible token, you can taste and try the new Thick ‘N Fluffy French Toast for yourself when dining in or to-go at participating IHOP locations. The new Thick ‘N Fluffy French Toast features two slices of thick and fluffy bread dipped in a vanilla, cinnamon batter and prepared on the IHOP griddle, available in classic, strawberry banana, and lemon ricotta mixed berry flavors.”
IHOP said customers can try the new Thick ‘N Fluffy French Toast for just 10 PanCoins during the first two weeks of the launch. PanCoins are IHOP’s digital tokens which were unveiled as a part of the company’s new loyalty program “International Bank of Pancakes”, launched earlier this year.
IHOP’s new NFT comes as the company looks to offer more menu choices to its customers and explore new ways to make them enjoy the restaurant experience.
What are PanCoins?
IHOP unveiled its digitally-enabled loyalty program in March 2022 to attract more customers who have become more digitally dependent in the past two years following the coronavirus outbreak.
The program allows IHOP customers to join the program through the official website or mobile app and earn tokens, called PanCoins, by buying the restaurant’s food or merchandise. Guests can earn PanCoins by paying directly from the app or using a QR code, entering a code or scanning a bar code on a physical receipt, or making a delivery or to-go order using the website or app.
IHOP’s “NFT drop” comes amid a notable crunch in the non-fungible token market. NFT sales declined by nearly 70% year-over-year in Q3 2022 as investors stay away from risk assets this year. The world’s two biggest cryptocurrencies Bitcoin and Ethereum lost 50% in the past 6 months.
This article originally appeared on The Tokenist
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