Benzinga | Mar 18, 2021 11:33AM EDT

Pizza Hut Offers World's First NFT Pizza: Will Consumers Bite?

A leading pizza chain is following the trend of NFTs being a way to share digital assets and connect with fans.

What Happened: Pizza Hut Canada, a unit of Yum Brands Inc (NYSE:YUM), is launching a non-fungible pizza. The creation is a take on NFTs, or non-fungible tokens.

The offering from Pizza Hut will be the world's first non-fungible pizza. A limited quantity of 8-bit style versions of Pizza Hut pizzas -- such as Hawaiian, Pepperoni, Canadian and Margherita -- will be available for sale on Rarible.

Pizza Hut is offering the NFTs at a price point of .0001 ETH. The price is set to coincide with the approximate cost of one real bite of pizza. Based on a current price of $1,797 for Ethereum (CRYPTO: ETH), each non-fungible pizza byte would trade for around 17 cents each.

Related Link: Is Funko The Next Big NFT Winner

Why It's Important: Pizza Hut is joining one of the most talked-about investment segments in 2021 in NFTs. The highlighting of the Pizza Hut Favourites could coincide with an upcoming $10 Favourites promotion from Pizza Hut, according to SuperCryptoNews.

"It's a fun way to deliver our Favourites on an emerging platform where people can truly appreciate the perfect pan pizza forever," Pizza Hut Canada CMO Daniel Meynen said.

Pizza Hut is the largest pizza chain in Canada with over 450 locations in the country. The company has more than 18,000 restaurants globally in over 100 countries.

Price Action: Yum Brands shares are down 1% to $110.27 in pre-market trading.

(Photo: CNW Group/Pizza Hut Canada)