American meat maker Oscar Mayer has been recently making headlines across the crypto world for entering into cryptocurrency space. The company announced on 4th April that they are unveiling Bacoin BACN, which is “marked by the gold standard of Oscar Mayer bacon.”
When the value of Bacoin is between one and seven slices, owners can cash out and receive a coupon for a half a pack of bacon. The bounty increases as the value increases. If the value of Bacoin reaches 36 to 42 slices, it can be cashed out for three packs of bacon BCNS.
Serious Bitcoin enthusiasts are rolling their eyes over this developments saying that it is a silly PR stunt. Calculating the dynamic value of a Bacoin that shifts by the hour and are measured in slices of bacon seems unnecessary and chaotic. Oscar Mayer can artificially boost the value of Bacoin if attention is low.
Similar to other cryptocurrencies, the value of Bacoin can be volatile. However, Bacoin stands out by the fact that Bacon lovers can boost value by spreading the news via Twitter and email on OscarMayerBacoin.com. The more they share, the greater Bacoin is worth. When ready, Bacoin owners can select the best time to cash out and receive real packs of Oscar Mayer Bacon.
Previously, the brand has released such bold digital-forward initiatives as Sizzl, a dating app for bacon lovers, and a bacon-scented alarm clock called “Wake Up and Smell the Bacon,” both created in partnership with agency 360i while Bacoin initiative is led by agency McGarryBowen.
Bacoin is clearly a marketing stunt by Oscar Myer and its parent company, Kraft Heinz, which is co-headquartered in Pittsburgh and Chicago. But other joke cryptocurrencies launched to poke fun at the hype and hysteria surrounding Bitcoin, Ethereum and other cryptocurrencies, have caught the eye of investors and taken off.