Premium single-malt Scotch whisky brand Glenfiddich has partnered with new non-fungible token marketplace BlockBar to launch a series of 15 limited-edition NFTs, each worth a tidy US$18,000.
The tokens are offered through BlockBar’s NFT platform, which allows Glenfiddich to digitise and sell exclusive spirits products as NFTs directly to consumers for personal consumption, collecting or investment purposes.
Each token corresponds to a physical bottle of a 1973 Armagnac cask finish Single Malt Scotch Whisky sold by Glenfiddich. The purchaser of each NFT becomes the owner of the physical product represented by the token, which also takes the form of a digital receipt to verify the buyer’s ownership and the authenticity of the product.
Buyers can be assured their accounts won’t be compromised and their NFTs won’t be stolen as the tokens are protected by FireBlocks’ digital asset custody infrastructure and Chainalysis’s compliance technology.
Buyers Retain Resale or Transfer Options
Each buyer has the option to resell or transfer the NFT via the BlockBar platform or redeem it for the physical version. BlockBar is also responsible for storing the product and, on request, delivering it to thirstier buyers.
“Glenfiddich continues to push boundaries in whisky innovation and this mindset transcends to those we partner with,” commented Doug Bagley, chief commercial officer of William Grant & Sons, Glenfiddich’s parent company.
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.
Doug Bagley, chief commercial officer, William Grant & Sons
The first series of Glenfiddich NFTs will launch October 19 on a first in, best dressed basis. Buyers can purchase them from BlockBar with Ethereum (ETH) or by credit card.
“BlockBar values transparency, authenticity and quality assurance, and Glenfiddich is the perfect partner to mark the launch of our mission to bridge the physical and digital worlds of luxury,” said BlockBar CEO Dov Falic.
We’re proud to be providing the first direct-to-consumer, fully authenticated wine and spirits platform via an NFT marketplace. This is a momentous time for the crypto, NFT, and luxury wine and spirits communities, and we can’t wait to announce many more exclusive releases in future.
Dov Falic, CEO, BlockBar
NFT Space Continues to Show its Versatility
Not only does the Glenfiddich/BlockBar partnership herald the advent of the drinkable NFT, this month Norwegian chess grandmaster Magnus Carlsen was awarded the world’s first NFT chess trophy after winning the Meltwater Champions Tour.
Not all has been rosy in the blooming NFT garden, however. Last month, when Time magazine announced a new collection of NFTs offering “unlimited access” to its website throughout 2023, all 4,676 tokens tied to the digital artworks sold out in minutes. The sale rush clogged the Ethereum blockchain, sending gas fees through the roof – so much so that buyers spent almost four times as much on transaction fees as they did on the NFTs themselves.
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