The NFT public blockchain market generated over $23 billion in 2021, according to the 2021 Dapp Industry Report. That’s billions with a capital “B.” A great deal more extensive than its predecessor, the report stated that in 2020 the marketplace had only generated over $100 million in trading volume.
Companies and individuals are launching new blockchain platforms at a record pace to keep up with the rush to get in on this new financial phenomenon. For example, BlockBar, founded in October 2021, established a platform to service collectors of rare spirits, with specially labeled cryptos available to purchase.
These NFTs are limited, limited edition bottles that grant users ownership rights over the bottles and exclusive access to the accompanying swag. For instance, four NFT bottles of Hennessy 8 sold for 66.49 ETH, or $226,450, granting the buyer special access to the bottles and exclusive paraphernalia.
This one-of-a-kind cognac blend is still protected until the sale is over, which means that people who purchase it from BlockBar can rest assured that the location will store and transport it for them. For example, those who buy Hennessy can expect sales to reach record levels.
The cognac maker’s bots sold within minutes of the BlockBar sale lobby going live. Besides the digital art and the NFT, the physical objects Ginger Hennessy put up for sale included a specially crafted sculpture, a Baccarat-blown and engraved carafe, four tasting glasses crafted 30 years ago by George Riedel and Yann Fillioux, a pipette, a cork holder, and an Arik Levy-designed pint glass.
Patrón launched its first block of liquid alcohol (NFT) tequila on Tuesday, January 25. It is available at the bar on a first-come, first-served basis.