Starting this week, now you can turn your crypto currency into liquid assets which will always increase in value, literally.
BlockBar, the first asset-backed non-fungible token (NFT) marketplace for luxury wine and spirits, has officially launched with Glenfiddich. As one of the world’s most awarded single malt Scotch Whisky brands, they've partnered with BlockBar to launch a series of limited edition liquor NFTs.
That means now anyone anyone — not just whisky aficionados and VIPs — to buy Glenfiddich's latest rare whisky. Each NFT corresponds to a physical bottle for a 1973, 46-year-old Armagnac cask-finished Single Malt Scotch Whisky sold by Glenfiddich on a first come, first serve basis. The first series of Glenfiddich NFTs will launch on October 19, 2021. Buyers may purchase the NFTs from Blockbar with Ethereum (ETH) or by credit card.
Next week, Glenfiddich will "drop" 15 bottles of 46-year Single Malt from Glenfiddich, finished for 21 years in an Armagnac casks, next week. Each bottle sells for $18,000, and is expected to sell out in minutes — if not seconds. The successful bidders for the less than half-dozen bottles will receive an NFT revolving image/artistic impression of the bottle that not only allows them to show off their purchase, but also acts as a counterfeit proof certificate of ownership.
Each 70cl bottle has a 43.9% ABV, and is presented in a bespoke Baccarat crystal decanter. The whisky offers tasting notes that are described as rich and lusciously fruity, like plums and figs, complemented by sweet syrup notes that reflect the incomparable influence of the long finishing in ex-Armagnac Butts.
"This is an exceptionally rare example of 1973 Glenfiddich, a 46 year old whisky which has spent more than two decades in an Armagnac cask and is a fitting spirit for the launch of Glenfiddich’s first and exclusive NFT release on BlockBar," comments Glenfiddich Malt Master, Brian Kinsman. "It has a very deep and rich flavor profile, with lots of tannin and robust oak notes overlaid with an elegant vanilla sweetness from its years in American oak."
The tokens are offered exclusively through BlockBar’s innovative NFT platform, which enables Glenfiddich to digitize and sell exclusive spirits products as NFTs directly to consumers, whether for personal consumption, collecting, or investment purposes. Upon purchasing the NFT, the buyer can then become the owner of the real-world physical product represented by the NFT, with the NFT serving as a digital receipt that verifies the buyer’s ownership and the authenticity of the product. The buyer has the choice at any time to resell or transfer the NFT through the BlockBar platform or to redeem it for the physical version.
And the benefits of purchase doesn’t stop there; BlockBar is also responsible for storing the product and, upon request, delivering it to the buyer.
Glenfiddich is the first brand to use the service which will also soon allow people to buy the other biggest names in spirits as well as wines. BlockBar, based in the US, has been set up by the firm behind many of the US's duty free shops with co-founders, Dov and Sam Falic. Utilizing BlockBar’s state-of-the-art NFT platform to purchase Glenfiddich’s whisky, buyers can be assured that their accounts won’t be compromised and their NFT’s won’t be stolen, because the tokens are protected by FireBlocks’ digital asset custody infrastructure and Chainalysis’ compliance technology.