Glenfiddich Combines Forces with BlockBar to Launch an NFT Whisky Range
Glenfiddich has partnered with BlockBar, a new NFT marketplace created for luxury wine and spirits, to launch their own series of NFTs. This week, the iconic brand released 15 unique digital images of their 46-year-old Armagnac cask finish single malt scotch whisky, with the physical, real-world counterpart included in the price of each digital token.
What Is an NFT?
The term “NFT” has firmly lodged itself into the public consciousness over the past year. Whilst many people could explain that the term NFT is an acronym for “non-fungible token” or might have anecdotal knowledge about how much a Bored Ape NFT has sold for, it is less common for people to truly understand how NFTs work.
NFTs are one-of-a-kind, verifiable digital assets that can be bought or sold like any other piece of property. Anyone can buy a Van Gogh print in the real world, but only one person can own the original. NFTs work in the same manner; only one person will be certificated as the owner of any given digital asset. The difference, however, is that ownership is verified digitally via blockchain rather than physical possession.
Read more about NFTs and Blockchain technology here.
How Does BlockBar Work?
Ranging from digital works of art to music to memes, NFTs typically represent the ownership of digital assets. What BlockBar offers is different; NFTs available on BlockBar represent physical assets. If you purchase an NFT on the platform, you automatically become the owner of the real-world product it represents. In this circumstance, your NFT is not really a piece of digital art; rather, it serves as a digital receipt that verifies the buyer’s ownership and the authenticity of the corresponding physical product.
With all trades taking place virtually, the innovative service makes it easier to collect and trade luxury spirits. The owner can also redeem the NFT for the physical bottle at any time; at which point, BlockBar will deliver the product to the owner. Notably, all physical bottles represented by the NFTs found on BlockBar are stored in a bonded warehouse in Singapore.
Dov Falic, CEO of BlockBar, stated: “BlockBar values transparency, authenticity, and quality assurance, and our partnership with Glenfiddich, the pinnacle of high-end spirits, is the perfect partner to mark the launch of our mission to bridge the physical and digital worlds of luxury.”
He continued: “We’re extremely proud to be providing the very first direct-to-consumer, fully authenticated wine & spirits platform via an NFT marketplace. This is an exciting and momentous time for the crypto, NFT, and luxury wine & spirits communities, and we can’t wait to announce many more exclusive releases in the near future.”
BlockBar & Glenfiddich’s Partnership
Released on 19 October, the Glenfiddich NFT range was BlockBar’s first series of drinks-backed NFTs. Available for purchase with Ethereum or by credit card, they originally went on sale for around 5.2 ETH or $18,000 (£13,200). Unsurprisingly, however, all 15 have already been bought.
Doug Bagley, chief operating officer of Glenfiddich’s parent company William Grant & Sons, stated: “We are proud to be the first luxury spirits brand to be available on BlockBar at the time of the launch. BlockBar brings a heightened level of authenticity to our brand via its proprietary NFT platform and creates an elite club of distinguished collectors with whom we’re excited to build long-term relationships.”
Blockbar’s collaboration with Glenfiddich is likely to be the first of many partnerships that the NFT platform will strike up over the next year or so. If you wish to read more about the service they offer, have a look at their website.