Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Pepsi Slammed For Cringeworthy Use Of NFT Lingo
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Multinational corporations have been trying to be “cool” since forever. One of the ways they try to do it is by adapting to new trends or even copying their jargon. However, they rarely pull it off. Instead, they usually alienate the users they are trying to appeal to.
That’s what is happening with Pepsi, which tried to jump on the latest trend – NFTs. Of course, right now, all the cool people are into NFTs. That’s why celebrities and giant corporations alike are jumping on the trend. For example, Coca-Cola auctioned its own NFTs for more than $575,000.
Not wanting to miss out, Pepsi also jumped in. On Tuesday, the company dropped its NFT collection, the “Pepsi Mic Drop.”
Yup. We did that. Introducing Pepsi Mic Drop – our genesis #NFT collection. Details in the thread below ? pic.twitter.com/JS9Qu51yGm
— Pepsi (@pepsi) December 9, 2021
Pepsi tried to explain its entry into NFTs to offer new experiences to its customers. Instead, some attacked Pepsi for the supposed harm that NFTs do to the environment.
Why is Pepsi getting into NFTs, you ask? Simple: It’s because of you. We wanna rock your world, and future NFT drops will let us live new experiences together: music, entertainment, community…you name it. So buckle up. Big things are coming.
However, most criticized it for its “cringeworthy” use of fringe internet terms. Some users noted that Pepsi was desperately trying to appeal to a particular demographic. Its extensive use of rocket emojis and terms associated with the crypto community.
‘Cringe’ Corporations
For example, the term “Gm,” meaning good morning, has become NFT slang. NFT enthusiasts use the time to greet each other. However, the period was not safe from corporations trying to co-opt it, including Pepsi. This includes terms such as LFG or “looking for a group.” Some crypto traders use it when looking for a community. That term makes very little sense when a corporation is trying to use it. But Pepsi tried it anyway.
However, perhaps the worse offence came on Tuesday, in an exchange following Pepsi’s NFT announcement. Specifically, an interaction between other corporations that reacted to Pepsi’s NFT announcement. This included Budweiser and Meta, both of which entered the NFT space. Budweiser recently issued its NFT collection. On the other hand, Meta changed its name from Facebook to highlight its focus on the metaverse. Significantly, NFTs will play an essential role in the metaverse.
Specifically, Budweiser called Pepsi “brand friend” and used the term “WAGMI” – an internet term meaning “We are gonna make it”. The term originates from online trading circles, such as r/WallStreetBets. Pepsi replied with the same period, calling Budweiser “free.”
Meta also replied. The social media company said that Pepsi’s NFT collection would look great in the metaverse. Pepsi called meta “free” as well.
You know it, fren!
— Pepsi (@pepsi) December 9, 2021
‘Dump Everything – NFTs Were a Mistake’
“Fren” is a slang internet term, originally popular among fringe internet groups. However, for many, Pepsi’s use was the last straw.
This included the official Solana blockchain account that told Pepsi to stick to “sugar water” – or soft drinks. Solana has a famous NFT ecosystem of its own. However, Pepsi’s attempts at sounding incredible were too much even for them.
Shoulda stuck to the sugar water.
— Solana (@solana) December 10, 2021
After seeing the exchange, Josh Cincinnati, Sia Foundation advisor, jokingly said that Web3 was a mistake.
Dump everything. Web3 was a mistake. Good game everyone. Hope we manage to find a different technological revolution that’s actually incorruptible this decade. But if not, oh well.
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Many users called the exchange “cringe” and begged the company to stop. Others joked that “NFT’s are over” and need to sell their collection. Meanwhile, some reacted with “silence brand” memes, a famous reply when brands try – and fail to connect with their audience. Finally, others hoped that brand cringe would not ruin NFTs for everyone else.
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