- Whisky giant Glenfiddich has partnered with BlockBar to launch a series of 15 limited edition liquor NFTs.
- After purchasing the NFT, the buyer would also become the owner of the physical product.
- More industries continue to integrate NFTs into their business model.
Whisky giant Glenfiddich has partnered with BlockBar, a platform that offers NFTs from luxury liquor brands, to roll out a series of 15 limited edition liquor NFTs.
Leveraging the power of NFTs, Glenfiddich aims to sell 15 bottles of a 46-year-old single malt linked with exclusive NFT authenticity certificates. “We identified certain obstacles surrounding the spirits industry,” said Samuel Falic, co-founder at BlockBar. “So we decided to create this one-of-a-kind platform for it.”
An NFT is like a receipt of ownership for a digital image, video, and even real-world objects. The market for these tokens saw huge growth earlier this year but lost momentum by March. However, by late August, the market picked up steam again and has since been on a fire, even attracting large players like Visa.
The 15 NFTs are linked to 15 “Armagnac cask finish Single Malt Scotch Whisky” bottles that were distilled in Speyside in 1973. “Each NFT corresponds to a physical, exceptional bottle of a 1973 46 year old Armagnac cask finish Single Malt Scotch Whisky that is sold by Glenfiddich,” the announcement noted.
After purchasing the NFT, the buyer would also become the owner of the physical product. Therefore, the NFT would serve as a digital deed of ownership that confirms the purchase and authenticity of the product.
Upon buying, investors will have the choice to “resell or transfer the NFT through the BlockBar platform or to redeem it for the physical version.” “The benefits of purchase don’t stop there; BlockBar is also responsible for storing the product and, upon request, delivering it to the buyer,” the announcement stated.
Commenting on the move, William Grant, chief commercial officer at Doug Bagley, said:
Glenfiddich continues to push boundaries in whisky innovation and this mindset transcends to those we partner with. We are proud to be the first luxury spirits brand to be available on BlockBar at the time of the launch.
NFTs Emerging in Different Industries
Amid the rising popularity of NFTs, various industries have tried to somehow integrate this emerging technology into their core business model. For instance, in mid-September, Evolution Gaming, a leading online casino game provider, revealed that it has acquired 4 CryptoPunks and intends to use them as slot machine prizes.
Further, Ripple, NFL, and DC Comics have recently revealed plans for getting into the largely uncharted territory of non-fungible tokens. Among those companies, Ripple launched a $250 million NFT creator fund to finance digital artists and developers exploring the NFT market.
Moreover, the demand for NFTs has prompted a number of major centralized crypto exchanges to launch their own NFT marketplace. On October 11, FTX US, the US arm of the leading crypto exchange FTX, launched its NFT marketplace. One day later, the leading US crypto exchange Coinbase also unveiled its very own NFT marketplace.