Conagra Foods (CAG), Twitter (TWTR) – Slim Jim Launches Dogecoin NFTs On ‘Doge Day’ To Support Charity


Two of the hottest trends and investment stories of 2021 are set to collide with Dogecoin NFTs.

What Happened: Slim Jim, a Conagra Brands (NYSE:CAG) company, is launching its first-ever non-fungible tokens. The NFTs will feature the Slim Jim brand and Dogecoin.

“In honor of Doge Day on 4/20, Slim Jim is taking the Doge philosophy of Doing Only Good Everyday even higher with its first-ever NFT,” the company said.

Galactic-themed NFT artwork featuring the iconic Shiba Inu DOGE will be auctioned off on OpenSea. The company will donate 100% of net proceeds to World Class Kitchen along with a $10,000 donation. World Central Kitchen is a non-profit that uses food to help communities through times of crisis.

The auction for the NFT will last from April 20 to April 24 at 2:59 a.m. ET.

Along with the NFT auction, Slim Jim is launching special-edition Doge-inspired Slim Jim canisters for Doge and streaming influencers. Dogecoin founder Billy Markus and others will receive the canisters and personally minted lenticular versions of the new NFT.

“Once we saw the incredible response to us leaning in on Doge, we decided to build it out further with the launch of an NFT that would benefit World Central Kitchen,” a company spokesperson told Benzinga. 

Slim Jim doesn’t have plans to launch a Doge product line in stores or online at this time but promises a limited run auction at a later date.

Related Link: If You Invested $1,000 In Dogecoin On Jan. 1, 2021, Here’s How much You’d Have Now

Why It’s Important: The valuation of Dogecoin has risen substantially in 2021 and brought a new level of fans around the meme cryptocurrency.

Slim Jim has used Dogecoin to help grow its social media following while also striving to follow the Doing Only Good Everyday philosophy.

“For the past couple of years, Slim Jim has focused our social media efforts on memes and the meme community, creating a natural intersection between our online presence and that of Doge,” the company said.

Dogecoin was mentioned on a publicly-traded company’s earnings call for the first time when Conagra Brands reported its recent quarterly earnings.

“We’ve seen a market uptick in audience interaction, including direct engagement and advocacy from the person that created Dogecoin,” said CEO Sean Connolly.

The use of Dogecoin memes has helped Slim Jim grow its Twitter (NYSE:TWTR) following. Twitter followers are up 160% for Slim Jim, according to the third-quarter presentation. In a 25-day period, Slim Jim saw 35 million organic Twitter impressions. 

“Since our Twitter-focused Doge efforts began in February, we have grown our Twitter community nearly 5-fold (from 22k to almost 100k),” a company spokesperson said. “We’ve reached a new but tangential audience on Twitter by leaning into this and the Doge community.”

Slim Jim was one of the many brands in the Conagra Brands portfolio that saw strong market share gains and household penetration in the third quarter. Sales of Slim Jim were up 29.4% year-over-year in the third quarter.

The company doesn’t have plans to expand into cryptocurrency promotion for other brands. The Slim Jim brand made sense given the “natural intersection between our meme approach and Doge.”

Price Action: Shares of Conagra Brands are trading at $37.71 at the time of writing. Dogecoin trades for $0.3464.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.



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